Videocon d2h, the DTH (direct to home) arm of the Videocon group and a fast-growing DTH service provider in India, is on road to raise $60 million in private equity funding, at least two sources briefed with the matter told VCCircle. Avendus and Barclays Capital are understood to be advisors for the same.
However, when contacted, Saurabh Dhoot who is part of the promoter group and closely involved with the DTH business, denied the developments. "This is all false and incorrect! Check your facts!," he replied to an email query.
Videocon d2h, launched two years ago, offers 292 channels and services on its platform. It has features like multiple tickers, 12 PIP Mosaic, 22 Active Music Audio Video Channels and d2h movies. It also claims to feature the highest number of sports channels and all GEC channels on its platform. In addition, the company features the highest number of regional language channels in Kannada, Bengali, Marathi, Oriya and others.
Currently, there are six major operators who offer DTH services including Airtel, Reliance Big TV, Dish TV, Sun Direct, Tata Sky and Videocon d2h. According to a recent media report, Videocon d2h, the latest player to enter the market, has clocked four million subscribers so far, but only 1.8 million of them are active.
The space has also seen some private equity action before. Apollo Global Management LLC, the $70 billion alternative asset management giant, has earlier infused $100 million in Dish TV – the first private DTH satellite provider in India. Also, Tata Sky, a JV between the Tata Group and STAR, has raised money from Temasek in the past.