The company had earlier raised investment from Intel Capital in October 2012. Rakesh Jhunjunwala had also invested Rs 2 crore in the company, way back in 2004 and is currently the chairman of the company.
ICICI Ventures was also previously a principal investor in Hungama in October 2000, however it had pulled out funding from the company in October 2009. It had disbursed only 55% of its total funding before pulling the plug and Hungama had later bought out ICICI Ventures’ stake in the company.
Hungama CEO Neeraj Roy told the publication that they plan to use this investment to upgrade its mobile apps and integrate with banking systems for loyalty programs. He also told TelevisionPost that they plan to introduce more games and for smart cloud technology.
Launched in 1999 as Hungama.com, Hungama Digital Media Entertainment currently operates businesses in mobile, gaming, online music retail including Hungama.com, voice services and integrated media.
The company claims to have a catalog of over 2.5 million content pieces across various genres and languages in the form of music tracks, movies, music videos and mobile content. It claims to have partnerships with over 400 content creators, record labels, studios, broadcasters, game publishers on a worldwide exclusive basis for digital and mobile content.
This includes a movie catalog over 5,000 full length movies and television titles, acquired through content partnerships with movie studios like Yash Raj Films, T-Series, Reliance Home Video, Ananda Video, Ultra, Shemaroo, Krishna and Kavitalaya.
The company had also divested 51% stake in Hungama Digital Services Private Limited which houses the digital agency business of Hungama Digital, to WPP Group’s wholly owned agency JWT Singapore in June 2012.
Last month, Hungama had also rebranded its paid subscription service on its music & video streaming mobile app as PRO service and had introduced offline songs & video streaming on its Android app.