India-based entertainment streaming service Hungama is in advanced talks to raise $100m from Intel Capital, the corporate venturing arm of semiconductor maker Intel, and Bessemer Venture Partners, TechCrunch reported earlier today.
Intel and Bessemer invested $40m in Hungama in July 2014, after Intel provided an undisclosed sum for the company in 2012.
Hungama distributes both Indian music and Bollywood films, and is currently expanding its international catalogue having recently added content from entertainment companies Disney and Marvel to its service.
Founded in 2005, Hungama started out as a marketing and communications agency focused on interactive gaming, lead promotion and community building. It was originally backed by venture capital firm ICICI Ventures before ICICI pulled out in 2009.
That same year, Hungama began targeting the entertainment sector and in 2012 sold a 51% stake of its marketing and communications division to advertising agency JWT, a subsidiary of media and advertising group WPP.
The new funding would support Hungama’s growth, enabling the company to develop its technology and platform and further expand its content offering. Part of the capital could also be used to acquire competing players.