Xiaomi Expands In India With Stake In Hungama
Xiaomi announced that it has led a $25 million investment into Hungama Digital Media Entertainment, India’s largest digital media entertainment company. Other participants in the round include existing investors Intel Capital, Bessemer Venture Partners, Rakesh Jhunjhunwala.
This is the first ever investment that Xiaomi has made in an Indian company. It marks the deepening of Xiaomi’s strategy to introduce localised Internet services, in particular content, on its smartphones in India. The move also further solidifies Xiaomi’s commitment in India.
According to Hugo Barra, Vice President, Xiaomi, “We think of smartphones as a platform for us to deliver Internet services, and this includes content. We are investing in Hungama not only to start integrating content into our smartphones, but also to grow together with them and deepen our understanding of the content sector in India. We have carefully selected Hungama because of what they are doing in terms of aggregating large amounts of content and delivering an amazing user experience.”
Hungama is into digital media entertainment since last 17 years. The company has constantly innovated and delivered differentiated, premium audio and video content to its consumers across web and mobile platforms, fuelling the company’s growth to becoming the largest overall digital platform in India. Hungama has over 65mn monthly active users across all its platforms, consuming a content base of over 3.5mn premium digital units across audio and video.
With this round of funding, Hungama will expand the content library and further invest in world class technology on its mobile app platforms Hungama Music for music and Hungama Play for premium video including movies, television and original series. Hungama will soon add over 1500 hours of television content along with original content to its current Hungama Play offering of over 8000 movies in English and 12 Indian languages.
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