mChamp bags Rs 5 cr seed fund from MoMagic Technologies
Delhi-based mChamp Entertainments, a celebrity and entertainment driven contest app, bagged Rs 5 crore seed funding from MoMagic Technologies, a mobile Internet market and app player. The venture will utilize the funding for expansion and growth.
This is the first round of funding into the company. Paresh Shah, Founder, mChamp Entertainments said,
With this funding, we aim to look forward into the trajectory of growth. We aim to be the top celebrity contest app. We will get the necessary business mentorship by MoMagic in achieving the same.
He has been a Fund Manager and Investment Banker before he ventured into investing in startups. He has invested in more than 10 ventures related to IT companies.
mChamp is a fun driven easy to win contest app, launched in 2015. The app offers range of contests on a wide variety of topics: from the world of music to sports to TV to bollywood. And as you play, you collect passes and increase probability of being the lucky winner.
mChamp caters to all age groups where they find their own reason or interest to relate with, be it free recharges or gift coupons or meeting celebrities through celebrity quiz or attend rock shows etc.
According to mChamp, in the last nine months, the company has already conducted 50 “celebrity meet and greets” for mChamp contests players. It claims that it has offered gift vouchers, cash prizes, and free recharges of worth Rs 25 Lakhs till date. The app also claims to witness a 15% growth month on month, in terms of tie-ups and partnerships with leading FMCG brands, celebrity shows and productions houses.
Commenting on funding, Arun Gupta, Founder & CEO, Foxconn-invested MoMagic Technologies says,
We believe mChamp has all the ingredients to emerge as No 1 App in terms of connect with the masses wide across.
He adds that entertainment and celebrity are amongst the key sectors in which MoMagic is looking at innovative ways of organic and inorganic expansion.
Earlier, this month, MoMagic invested in Lucknow-based EduAce services.
The 2015 report by FICCI and KMPG noted that the media and entertainment sector is poised to grow at a CAGR of 13.9 per cent to reach Rs 1,964 billion by 2019 from Rs 1,026 billion in 2014.
In the media and entertainment segment, Culture Machine, ScoopWhoop, TVF, and AIB have captured the market. In contest segment alone, Tallenge is another platform which focuses on college and corporate communities.
