Singapore: Singapore-based Spuul, an online streaming site for Bollywood movies, classic Indian movies and TV shows, is in discussions with venture capitalists to raise USD 10 million to finance expansion of its operations.
According to The Straits Times, Spuul especially wants to expand its reach in the larger Indian market.
"The funds will be used to expand our technical infrastructure and team, provide marketing activities and create content," said co-founder and chief technical officer S Mohan, 48.
Discussions with venture capital firms in the United States, Britain and Singapore are ongoing, he said.
Spuul is streaming 2,000 movies daily and adding 30 per cent viewers every month. Spuul has about 1,000 movies in its library.
Two thirds of its current one million viewers were from India, watching movies on their PCs, smartphones and tablets. It expects to have six million viewers in the next six to 12 months and 600 million over the next five years, comprising viewers in the Indian subcontinent, Indian professionals and their families in other countries as well as Bollywood fans.
The Indian market had 137 million Internet users last year, up 26 per cent from 2011. Fifteen million broadband connections were added in India between January and May this year.
Spuul chief executive officer and co-founder Subin Subaiah, 61, said the company would keep adding new features to make it convenient for its viewers.
Today, Spuul has launched Offline Sync, which lets customers view content without being connected to the Internet.
Going forward, Spuul wants to produce its own movies, capitalising on the 35 years of experience of chairman and co-founder Sudesh Iyer.
Iyer, 59, has helped produced Indian movies and TV programmes as well as set up a leading TV channel in India, according to the Singapore daily report.