New Delhi [India], September 14 (ANI/SRV): Frenzi, a popular OTT aggregation and discovery app, has raised an undisclosed amount in pre-series A funding from existing investors Sucseed Indovation Fund and Group UHNI angel investors led by Arvind Vij, Manish Hathiramani and Amrit Agarwal. The fund will be used for business expansion as well as product development and hiring across product, engineering and business segments.
"We have seen 10X growth in adoption of Frenzi in the last year, and we are excited about the prospects for future growth," said Balkrishna, Founder and CEO of Frenzi. "The fund will help us scale as well as accelerate our growth plans as we move to the next phase of growth. We are grateful for the support of our repeat and new investors as we work together on Frenzi's Vision of bringing simplicity and convenience to OTT consumption."
OTT is rapidly growing and fast becoming the first choice for users to consume cinematic content. Frenzi is all set to become the first port of call for the OTT users by making it simple and convenient to find, play and engage," said Amrit Agrawal, Angel Investor and Senior Executive Officer, NPB Middle East Limited.
"Frenzi is well poised to become the largest aggregator of OTT by bringing the right content to the audiences and the right audiences to the content providers and platforms alike. With the depth in the management team, Frenzi can be tipped to be the next unicorn in the media and entertainment space" said Manish Hathiramani, Angel Investor
"As the initial investor, I believed very strongly both in the product as well as the CEO - Bala to deliver a solution in the market that was missing. I can very well connect with the product and the problem Frenzi is trying to solve. With the fast increasing addressable market, Frenzi surely can bring about a data-led disruption in the OTT space in India as well as globally" said Arvind Vij, Angel Investor.
"According to FICCI-EY's M&E sector report 'Playing by new rules', Digital subscription revenue is projected to grow at 25 per cent CAGR as paid subscriptions are expected to double to over 100 million by 2023. Frenzi is a search and recommendation app for all streaming OTT content platforms. Frenzi offers 60+ OTT brand partnerships under one roof, they are saving much time of users by allowing the users to buy subscriptions through this single app at discounted rates by using frenzi points and rewards. Frenzi is among the first few platforms in India for reviews and suggestions of OTT movies and series with high acceptability in users," said Vikrant Varshney, SucSEED Indovation Fund.
The start-up announced that it is coming up with a new version of the product by leveraging learnings from user behaviour of 1Mn+ users on the platform. They have taken a unique build-with-community approach by engaging with product users to get regular feedback and suggestions, thereby building an evolved user-friendly product, claimed the start-up in a statement.
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