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News |  31 Jan 2012 18:06 |  By RnMTeam

Bangalore-based Radiowalla secures VC funding

BANGALORE: Venturenet Partners Private Ltd. (VPPL), a Bangalore/US based Internet radio company which is a promoter of Radiowalla and Spot Radio, has raised its Series A funding from Ojas Ventures Partners (OJAS).

A major portion of the funding will be towards capex and to further expand services and features, said Radiowalla Co-Founder and COO Anil Srivatsa while speaking with Indiantelevision.com. He, however, did not disclose the actual amount raised by the company.

VPPL is a digital broadcast network and audio content production and distribution company that offers two broadband delivered radio services, namely Spot Radio and Radiowalla.

Spot Radio is a digital in-store radio entertainment network that offers music and audio branding services to clients across multiple industries that include retail, hospitality, food & beverage and education.

Radiowalla is a freemium/premium modelled Internet audio service, that is set to offer a bouquet of over 30 streaming and on demand, commercial free, niche content channels delivered via broadband across most digital and mobile platforms.

VPPL claims that after its launch in August 2011, Spot Radio has already partnered with 20 national retail chains, with over 2000 sites nationwide and is targeted to grow to a record 10,000 sites by the end of the year. Srivatsa expects the size of this market to grow to around five per cent of the total radio market in India.

Radiowalla, which is scheduled to launch by April 2011, will initially offer music and non-music Internet audio channels created by its own professional radio team, with content that is currently unavailable on traditional radio and other Internet radio channels. By then, Srivatsa expects to have six studios in place. Our biggest differentiator is going to be the non-music part and our talk shows,... said Srivatsa.

Srivatsa further added, We're seeing rapidly increasing customer adoption of our solutions, and with this investment by Ojas, we're confident of accelerating growth, and cementing our position in the digital audio industry. We are definitely looking forward to a stellar year ahead....

Pavan Krishnamurthy and Raghu Batta from Ojas will join Venturenet's board. Krishnamurthy and Batta of Ojas Ventures added that the digital audio market in India offers exciting business opportunities.

 

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