India-based video streaming service Hotstar has raised $153m in funding from Star India and Star US, two media subsidiaries of entertainment conglomerate 21st Century Fox, the Economic Times has reported.
Star India led the round with a $121m commitment, while Star US provided the remainder of the capital, according to financial data platform Paper.vc.
Hotstar was formed in 2015 and is owned by Novi Digital Entertainment, itself a subsidiary of Star India. The platform initially launched to stream that year’s Cricket World Cup but has since expanded its offering to include on-demand television shows and films.
The company is set to debut its first five original shows by the end of this month, having established a creative partnership with studio Applause Entertainment that was unveiled earlier this month.
The fresh funding from Star India and Star US comes ahead of next season’s Indian Premier League, a national cricket tournament that takes place in April and May. Star India owns the television and digital rights to broadcast the games.
Hotstar had previously received $75.6m in equity financing from Star US in August 2018, after Star India revealed in 2017 that it had invested a total of $192m in the platform from late 2016 onwards.
