India-based digital media company Hungama has raised $40m in an equity round featuring existing investors Intel Capital, the corporate venturing unit of semiconductor maker Intel, VCCircle reported on Friday.
The round was led by venture capital firm Bessemer Venture Partners. Intel first invested an undisclosed amount in Hungama in October 2012, alongside investments in an additional nine startups across five countries.
The funding will be used for product development, and to further integrate new content with Hungama’s flagship app. Hungama, formerly known as Virtual Marketing, works with more than 400 creators to aggregate, develop, publish and distribute a range of Bollywood content including films and music videos.
The company was backed by venture capital firm ICICI Ventures, part of Indian financial services group ICICI, before it withdrew funding from the company in 2009. Advertising agency JWT, part of the WPP Group, subsequently acquired a 51% stake in Hungama in 2012.