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Wednesday, February 28, 2024

From Loss to Launch: How Witty Feed Founders Bounced Back with a ₹300 Crore Startup in Just One Year

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Witty feed’s founders make sharks cry with their story of survival against all odds. Vinay Singhal’s team returned after encountering financial failures with an OTT business.

On the most recent episode of ‘Shark Tank India’, viewers were introduced to an incredible Haryana entrepreneur trio who formerly developed the gigantic firm Witty feed valued Rs. 300 crores.

Witty Feed, the second most popular viral content site behind Buzzfeed, shuttered and vanished when Facebook banned it from its platform in 2018.

But, after struggling financially, the three lead by Vinay Singhal came back with a company named stage- which in his words is a ‘bolion ka Netflix’.

STAGE, a Shark Tank India competitor from season two, has now earned Rs. 40 crore in its Series A fundraising round. Vinay Singhal, Parveen Singhal, and Shashank Vaishnav created the Indore-based OTT platform.

Vinay Singhal returned to his hometown after losing a business worth Rs 40 crore overnight, but this allowed him the opportunity to establish an OTT platform that is extremely local and targeting customers who understand the language.

STAGE is an OTT platform that is hyperlocal and dialect-based. It was founded in 2019 and started with Haryanvi content. The portal claims to have 225,000 members. It had already raised Rs. 31 crore before to the Rs. 40 crore Series A, bringing the total amount raised to Rs. 71 crore.

However, on January 4, the state’s OTT platform debuted ‘Sarpanch,’ its first big online series. The web show is about political turmoil in tiny communities.

Newsdesk

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