HYDERABAD, India, March 15, 2023 /PRNewswire/ — Spirit Media, the rapidly growing media production company co-founded by actor, producer, and entrepreneur Rana Daggubati, has secured an undisclosed amount of investment from Gruhas, led by Nikhil Kamath and Abhijeet Pai. The investment will enable Spirit Media to leverage its unique IP-led growth model across various platforms, including television, film, and digital media, to reach a global audience.
India’s media and entertainment industry is experiencing rapid growth, driven by factors such as increasing internet penetration, the rise of digital platforms, and changing consumer preferences. According to a report by PwC, the industry is expected to grow at a CAGR of 10.1% to reach Rs. 4,51,373 crore by 2025. With a growing appetite for digital content, the demand for high-quality, IP-driven content is on the rise, making companies like Spirit Media well-positioned to capitalize on this trend.
“We recognize the potential of Spirit Media and its unique business model and see it as an excellent opportunity to invest in a company that is set to revolutionize the media industry. We are excited to see the company grow and expand its operations and look forward to supporting them every step of the way,” said Nikhil Kamath, Co-Founder from Gruhas. “
Spirit Media operates as a 360-degree content and brand ecosystem, providing creators and entrepreneurs with knowledge, capital, technology, and infrastructure. The company’s philosophy centers around collaboration and community, supporting sustainable growth and success in the entertainment, media, and consumer sectors globally.
Rana Daggubati, Founder of Spirit Media, said, “We are excited to partner with Gruhas, which has a proven track record of building large, scalable enterprises with sustainable business models. We look forward to giving India’s media, entertainment, and brand creators the opportunity and resources to transform the country through pursuing their dreams.”
The Indian media and entertainment industry is expected to reach Rs. 4,30,401 crores (US$ 53.99 billion) by 2026, with various government initiatives and changing consumer preferences driving growth. With this investment from Gruhas, Spirit Media is poised to become a go-to platform for creators and entrepreneurs looking to access the resources they need to produce, market, and distribute their content globally.
Gruhas was founded in 2021 by entrepreneurs Abhijeet Pai (Puzzolana) and Nikhil Kamath (Zerodha). The VC partners with founders and teams who are pushing the boundaries of technology, innovation, and creativity. They are focused on Early, Venture, and Debt investment in the PropTech, CleanTech, Media and Entertainment, and consumer-focused space.
About Spirit Media:
Spirit Media was founded by Rana Daggubati in 2005 as a VFX & Production company and has now evolved into a 360 degree Content and Brand ecosystem with inhouse Marketing Agency, Celebrity Management Agency, Media & Tech Start-up incubator & accelerator and direct investments in technology & IP that aid the art of storytelling.
SOURCE Spirit Media Private Limited
Originally published at https://www.prnewswire.com/in/news-releases/rana-daggubatis-spirit-media-gains-financial-boost-from-gruhas-for-innovative-content-ecosystem-301772914.html
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