[Funding alert] Digital entertainment firm Pocket Aces raises Rs 100 Cr from Sequoia, 3one4 Capital, others
Mumbai-based digital entertainment company PocketAces will use the fresh funding of Rs 100 crore to invest in content, technology, and talent.
Pocket Aces, a Mumbai-based digital entertainment company focused on mobile video, on Tuesday, announced that it had raised Rs 100 crore from Sequoia India, DSP Group, 3one4 Capital, and other investors.
The company aims to utilise the fresh funds to invest in content, technology, and talent. It will multiply its social distribution by starting three new content channels in the next 12 months. The firm aims to hit a run rate of one billion monthly video views on original content by 2020.
Ashwin Suresh, Anirudh Pandita, and Aditi Shrivastava, Co-founders of Pocket Aces, said,
“With massive penetration of mobile internet in India and a large consumer base hungry for local content, we believe that there has never been a better time to build a large content business here. We are excited to create new entertainment options for a new India!”
From 20 failed videos to finding Mithila Palkar: how Pocket Aces aced the digital media test
Pocket Aces, which has created some of the most popular long-form shows in India such as Little Things, What The Folks, and Adulting, will build capability to create as many as 30 long-form shows a year. The company will also continue to invest in its esports app, Loco, with an aim to hit 50 million users in the next two years. Also, it will bolster its senior leadership team and invest in training and culture development as it embarks on its next stage of growth.
In 2016, Sequoia had invested $3 million in the company.
Shailesh Lakhani, Managing Director, Sequoia Capital India Advisors, said,
“Pocket Aces has exceeded expectations in creating a high quality mix of mobile-friendly, episodic, and interactive content offerings. They are building a truly impactful business in India’s exploding digital entertainment industry, and Sequoia India is thrilled to continue supporting Ashwin, Anirudh, Aditi, and the entire team.”
Founded in 2013 by Ashwin Suresh, Anirudh Pandita and Aditi Shrivastava, the company claims to scaled viewership by 25x and monetisation by 15x. Today, its socially distributed channels, FilterCopy (short videos), Gobble (food and lifestyle videos), and Dice Media (long-form videos) clock approximately 500 million monthly video views.
Last year, the firm had announced the launch of its esports app, Loco, which has over 15 million registered users, with active users spending over 30 minutes daily on the app. The company has grown its team strength to 145 with offices in Mumbai, Bengaluru, and Delhi.
Pranav Pai, Managing Partner at 3one4 Capital, said,
"The Pocket Aces team has used their deep experience and grounded empathy for their audience's consumption behaviour and tastes, to build among the largest and most viewed content portfolios in the country."
Digital entertainment company PocketAces aims to engage and entertain the Indian millennials