Sashi Reddi, an angel investor and founder and Managing Director of Sri Capital, has bought 10 per cent stake for around USD 2.5 million (Rs 15 crore) in US-based video streaming service provider YuppTV.
The deal values YuppTV at USD 25 million (about Rs 150 crore), Uday Reddy, founder and CEO of the Atlanta-based Internet TV service provider, said here.
Post-stake sale, Reddi will join the YuppTV board.
"Sashi Reddi will join the board and work closely in building the company to achieve USD 100 million revenue target in the next 3 years.
"YuppTV currently competes with satellite and cable TV operators offering Indian content. Its primary target markets are Indians living in North America, Europe, and Australia," Uday Reddy said in a press conference.
YuppTV clocked revenues of USD 11 million (about Rs 66 crore) in 2013. It grew over 100 per cent year-on-year in the last two years, he added.
With access to 170 live Indian TV channels and a large movie library, YuppTV is now the top player globally for Indian content delivered over Internet. Over 5 million visitors view YuppTV every month.
"We are on the verge of a revolution in content delivery and YuppTV is at the forefront of that revolution, Reddi said.