ALTBalaji picked 17.5% stakes in online celebrity engagement platform Tring, at a valuation of about Rs 100 Cr. As part of this transaction, ALTBalaji will be entitled to appoint one board member to represent them on the board of Tring’s parent company, BD Inno Ventures Pvt Ltd, the company said in a release.
ALTBalaji is a multi-device subscription video on demand platform, offers original, premium, and exclusive content for a global digital audience in regional Indian languages Malayalam, Tamil, Telugu as well as in Arabic, Bahasa (Indonesia and Malaysia).
Tring lists a range of celebrities on its platform and allows consumers to request them to record personalized video messages, host live video calls or send direct messages on social media platforms like Instagram.
Celebrities listed on the platform include Sharman Joshi, Sayani Gupta, Saina Nehwal, Shamita Shetty, among others. The prices listed on its platform range from INR 12,999 to INR 750 depending on the celebrity and the type of service consumers opt for. The platform has over 2,000 listed celebrities.
The company’s overall revenue has grown 61% in Q4 reaching INR 22.2 Cr, with expenses of INR 47.7 Cr, a 3.9% Y-o-Y increase. The company’s losses have narrowed 17% Y-o-Y reaching INR 24.9 Cr in Q4 FY20.