New Delhi, Oct. 9 -- Entertainment firm Rusk Media, which counts Info Edge and Audacity Venture Capital among its investors, has raised Rs 103 crore ($11.6 million) in its Series B round led by homegrown venture capital firm IvyCap Ventures.
Other investors include LC Nueva, launched by Lighthouse Canton and Nueva Capital Investment Partners; InfoEdge Ventures; South Korean VC firm Woori Venture Partners; and the company's promoter and family.
"This investment will help us build newer IPs, drive expansion of our existing formats to global audiences and grow our micro-dramas viewership on Alright TV app," said Mayank Yadav, co-founder and chief executive of Rusk Media.
Vikram Gupta, Founder and Managing Partner at IvyCap Ventures, said, "Rusk Media has demonstrated remarkable innovation in building new-age entertainment for Gen-Z audiences."
The funding round involves a mix of primary and secondary components, according to a statement.
While the exact share of primary and secondary components of the transaction is not known, the major component is primary. "Secondary portion is minor with part exits to some early stage investors and ESOP holders," the firm said in response to VCCircle's queries.
Rusk Media, founded in 2019 by Yadav, Karanvir Sofat, and Shantanu Singh, conceives, produces, and distributes content across social and OTT platforms. Since its inception, the New Delhi-based company has produced and released over 50 seasons across 20+ titles across fiction, unscripted/reality Live projects. These include names such as Battleground, Playground, Engaged, School Friends, Delhi vs Mumbai, and Roomies among others.
The fresh capital will be used for building IPs and new-age content formats in India. Further, it will also help the company expand into the US, Europe and the Middle East markets.
It had raised $9.5 million in Series A round more than three years back in 2022 led by DAOL Investment and Audacity Ventures, with participation from InfoEdge Ventures, Mistry Ventures, and Survam Partners.
Published by HT Digital Content Services with permission from VC Circle.