YouTube Multi-channel network (MCN) Ping Digital has raised an undisclosed amount in funding from a consortium of angel investors headed by Monisha Advani, co-founder of Hindi film production house Emmay Entertainment, reports the Economic Times. The company plans to use this investment as growth capital.
Ping Digital had last raised investment in January 2013, wherein it had secured undisclosed amount from Travelguru founder Ashwin Dhamera and Angara.com CEO Ankur Daga. This was around the same time, when it launched a food focused YouTube channel called India Food Network and a music focused YouTube channel called India Music Network. Few months later, it had launched Boom News channel in June last year.
The network also partners various individual artist channels like DJ Suketu (music), Shanaya Sinner (fashion), Shantanu Nimesh (wrestling), Nipun Kapur (fashion) and Gitika Saikia (food) among others, to manage and monetize their content.
Ping Digital now claims to have about 156 YouTube channels across various categories like Entertainment, food, fashion, health and fitness, lifestyle and technology among others. Some of the channels include Designer’s diary, Skinfiniti, Bollywood Dance, the MJ show, Breadception, Tamil Gaming and Style cracker among others, in categories including entertainment, food, fashion, health and fitness, lifestyle and technology.
Recent developments in the YouTube MCN segment:
– Earlier this month, YouTube multi-channel network #fame (earlier Famebox Networks) had raised $10 million in a second round of funding from TO THE NEW Ventures (TTN Ventures), after having raised $3 million in funding from TTN Ventures, back when it began operations in beta in early 2014.
– In September last year, Culture Machine, a digital video company founded by former Disney-UTV exec Sameer Pitalwalla and former YouTube exec Venkat Prasad, had also raised a Series A round of funding led by Zodius Capital. ET pegs this investment to be $35 million.
– Disney owned Maker Studios, possibly one of the largest YouTube MCNs worldwide, entered India by signing up Indian YouTube channels like All India Bakchod, East India Comedy and Kanan Gill among others, while another large YouTube MCN FullScreen had partnered Qyuki to expand into India.