[Funding alert] AR Rahman-backed Qyuki secures $3.5M from Info Edge
Multi-channel broadcast network Qyuki Digital Media has secured $3.5 million from Info Edge Venture Fund (IEVF). IEVF is Info Edge’s alternative investment fund, which focuses in tech and tech-enabled entities.
According to the filings with the Registrar of Companies accessed by YourStory, about $2.5 million has been invested in the form of Convertible Preference Shares (CCPS), with a face value of Rs 10. Further, another $1 million has been invested in the form of Cumulative Participating Debentures (CCD), worth face value of Rs 1,000 each. Additionally, Info Edge has agreed to acquire 916,356 CCPS of Qyuki.
Founded by Samir Bangara, AR Rahman, and Shekhar Kapur, Qyuki was incorporated on June 11, 2010, but the platform was re-launched in March 2014. It is a data-driven new media company which discovers and invests in India’s influential Key Opinion, helping them grow their audience, create content, and launch scalable Direct-to-Customers (D2C) brands.
In an earlier conversation with YourStory, acclaimed Indian Film Director and Producer Shekhar Kapur said:
“At Qyuki, we are creating a world of opportunity, where it doesn’t matter where you come from, but what matters is your creativity and the meaning one can derive from it. It’s a world where people can learn from established domain experts, showcase their creativity, and connect with like-minded people. Ultimately, they have the potential to become the brands of the future. This is a hub where I will create compelling content experiences such as Warlord and Animalocity."
According to the RoC filings, the company recorder a turnover of Rs 14.2 crore in FY 2017-18, Rs 14.6 crore in 2016-17, and Rs 67.8 crore in FY 2018-19.
Earlier last month, Info Edge, which owns companies including Naukri and Jeevansathi, announced in its stock exchange filings that it would be setting up IEVF, providing technology to create, market, and distribute innovative products and services that would benefit consumers at large.
(Edited by Megha Reddy)