India-based digital broadcast network Qyuki, previously backed by network equipment manufacturer Cisco, plans to raise a $10m series B round, according to Hindu Business Line.
The company is reportedly in advanced talks with an unnamed Silicon Valley-based venture capital fund that focuses on media startups. Qyuki has signed a term sheet and expects to close the deal in two to three weeks time.
Cisco paid about $5.5m for a 17% stake in Qyuki in 2012. Founded by Bollywood director Shekhar Kapur and soundtrack composer A R Rahman, Qyuki has developed an online broadcasting platform that assists people in creating collaborative video content and then helps them monetise that content.
The company will use the funding to support expansion, increase staff, create new formats and content, and attract more artists.