[Funding alert] Podcast platform Hubhopper raises undisclosed amount from Hindustan Media Ventures
Delhi-based podcast hosting, creation and distribution companyon Thursday announced that it has raised an undisclosed amount from Hindustan Media Ventures.
With this investment, Hindustan Media Ventures Limited buys minority stake as part of strategic investment in the podcast platform.
According to the official statement, Hubhopper will use the funds to continue growing the podcast ecosystem in India by democratising and empowering Indian creators with tools and technologies to create, host, launch, distribute, analyse and monetise their podcasts and audio content.
Further, they will continue to grow their products and podcast distribution network of over 50 plus partners and integrations - currently including the likes of Samsung, Spotify, Gaana, Wynk, Paytm, PhonePe, Karbonn, Indus OS, and more, the company stated.
Founded in 2015 by Gautam Raj Anand, Hubhopper makes podcasting easy by building technology that makes it accessible to everyone across the country.
Speaking about the new development, Gautam said,
“Audio is an incredibly special medium. It’s more language, literacy and capital agnostic than its contemporaries and has a special place in the hearts and lives Indian people. Hubhopper’s endeavor along with Hindustan Media is to continue to champion this community and democratise podcasting for all. We have only scratched the tip of this iceberg.”
The deal comes at a time when tech and media giants, both in India and globally, are doubling down to own a piece of India’s rapidly growing podcast market. Earlier in November 2020, Tencent-backed Pratilipi had acquired podcast firm IVM Podcasts - moving towards the consolidation of the podcast space in India.
On the other hand, Amazon has placed its bets in the podcast market by purchasing four-year-old podcast network Wondery, and Sirius XM has spent hundreds of millions of dollars to buy podcasting companies Stitcher and Simplecast. Most recently social media giant Twitter has entered the fray, acquiring podcast platform Breaker.
“Hubhopper has always endeavored to make audio creation and consumption accessible through robust and innovative technology platforms. This strategic partnership between Hindustan Media and Hubhopper marks a turning point in the development of India’s podcast landscape. We look forward to together bringing this incredible medium of digital audio to every creator and consumer in India,” added Nishant Kumar, Head of Partnerships, Hubhopper.