An online video streaming site for Hindi, Bollywood based movies and Indian TV shows – Spuul.com is expecting to raise e $10 million (Rs.61.72 crores as per current exchange rate) from venture capital funding source. The name of VC is not revealed yet but according to sources Spuul is in talk to finalize the funding deal.
Spuul is in discussions with venture capital firms in the United States, Britain and Singapore as per S Mohan, the co-founder and CEO of Spuul.
As per Singapore daily The Straits Times, the CEO of Spuul said that – “The funds will be used to expand our technical infrastructure and team, provide marketing activities and create content”. Spuul is based out of Singapore but the portal’s conent is Indian based videos and movies.
Two thirds of Spuul’s current one million viewers were from India, watching movies on their PCs, smartphones and tablets. Spuul has about 1,000 movies in its library. Spuul is streaming 2,000 Indian languages movies daily and adding 30% viewers every month.
Started in 2010 in Singapore, Spuul was founded by three seasoned industry and technology entrepreneurs including Sudesh Iyer (the Founder of Sony Entertainment TV in India), and S Mohan (the Founder of Accellion, buUuk and a number of other technology and venture companies).
Currently Spuul is an ad-supported subscription streaming service that legally provides online Indian content to anyone in the world offering both free and paid content. The revenue of the portal comes from ad-supported content.