OTT streaming platform The Viral Fever (TVF) on Wednesday said it has raised $2 million (Rs 14.7 crore) debt from Mumbai-based venture debt firm BlackSoil. The company expects to use the funds for its working capital requirements.
Founded in 2010 by Arunabh Kumar, TVF produces branded content for its own channels and OTT platers like Netflix, Amazon Prime, Sony, etc. It claims to have more than 10 million subscribers on YouTube.
TVF productions include Panchayat, TVF Pitchers, Permanent Roommates, Aspirants, and Kota Factory. They are based on a wide range of content including politics, movies, lifestyle, and emerging social concepts.
Blacksoil manages an alternative credit platform and has invested in business to business (B2B) unicorns such as Infra.Market, Zetwerk, Udaan, Spinny, Furlenco, and cosmetic brands such as Purplle, and OYO Rooms. It has deployed over ₹2,500 crore across more than 140 deals.
Blacksoil provided venture debt to TVF earlier in 2019, and are renewing their partnership in 2021.
“We have a great pipeline of shows for the next couple of years to meet the increasing demand of quality content from the audiences. This debt raise is going to help us deliver this pipeline and fully take advantage of the OTT boom. We are extremely excited to renew our partnership with BlackSoil”, said TVF President, Vijay Koshy, in a statement on Wednesday.
“TVF has consistently delivered hits over the last decade by producing relatable content with relatable characters for India’s youth", Ankur Bansal, Co-founder of BlackSoil, added.
The $2 million debt is going to help the company bridge the gap between the dearth of quality content and increasing demand in the OTT platform, according to Bansal.