New Delhi based Picture Time Digiplex Pvt Ltd, which aims to bring multiplex cinema experience to rural areas, has secured Rs 25 crore in a pre-series A funding round led by Ajay Relan, founder chairman CX Partners.
The funding takes place for approximately 30% equity, valuing the company at over Rs 80 crore.
The startup will use the freshly raised funds to expand Picture Time’s mobile Digiplex cinema theatres to 100 operational units by March 2019 from current 10 units.
The startup had earlier raised seed funding from Picture Time chairman Rohit Chand, Ashish Gupta and Sanjeev Agrawal of Helion Ventures, Asim Ghosh (ex-Vodafone India CEO) and Abhinav Sinha of Eight Road Ventures.
The above development was first reported in Economic Times.
Founded in 2015 by Sushil Chaudhary, Picture Time is a unique startup that has van-mounted mobile Digiplex technology which aims to take cinema, entertainment, information, and empowerment to every corner of the country especially rural areas.
The startup uses the latest internet technology (IoT) to project movies that have the same video and audio quality as any state-of-the-art multiplex anywhere in the world. It erect an inflatable theatre that can seat up to 150 people. The inflatable theatre is mad of all-weather, fire-retardant materials and it has everything one would expect in a theatre today.
The startup prices its tickets in the range of Rs 30-50 per person as it operates the mobile units in tier III and IV towns only. It is currently operating 10 mobile digiplex cinema theatre units and has so far showcased movies in remote villages of Telangana, Andhra Pradesh, Madhya Pradesh and Chhattisgarh.
Sushil Chaudhary, founder and CEO, Picture Time, said, “Our aim is to use technology to not only provide high quality entertainment to rural India, but to also use our mobile digiplex cinema theatres as an outreach vehicle to generate awareness on educational and government schemes on initiatives around Digital India, Skill India and Swacch Bharat Abhiyaan. We are also trying to curb the problems of piracy in remote rural areas by releasing new movies simultaneously in the locations we are present in.”
Picture Time reminds us of an another entertainment-based startup called PressPlay launched in 2013 by Ex-Zomato executives. PressPlay offers tablets to passengers of bus where the tablet was pre-loaded with five movies and each tablet costs Rs 100. The startup however couldn’t got much traction as expected by the founders. PressPlay was last heard of in July 2016 when it raised undisclosed amount from SD Ventures.
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