Eros International raises $30 million via private placement
The amount will be used to fuel the growth of Eros Now
Film company Eros International, which acquires, co-produces and distributes Indian films across all available formats such as cinema, television and digital new media, has announced that two of its existing top 10 institutional shareholders have increased their holdings in the company. Eros raised approximately $30 million through a private placement, the proceeds of which will be primarily used to fund further expansion of Eros Now, the company’s OTT platform .
Jyoti Deshpande, Group CEO & MD, Eros International, said, “Our vision to transform Eros from a leading film studio to a leading digital company with a global footprint is well under way with Eros Now, our OTT platform crossing one million paid subscribers as of June 30, 2016. Our ownership of content and our strong balance sheet should provide tailwinds to grow the Eros Now subscriber base from one million to 10 million and eventually 100 million within the next decade.”
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