PictureTime, a mobile digital movie theatre startup, has secured Rs 25 crore funding from a group of HNIs led by Ajay Relan, founder Chairman of CX Partners in return for 30% stake, thereby valuing the company at Rs 80 crore.
This follows on the initial seed funding by the likes of Ashish Gupta and Sanjeev Agrawal of Helion Ventures, former Vodafone India CEO Asim Ghosh and Abhinav Sinha of Eight Road Ventures.
The fresh funding will be used to expand PictureTime’s mobile digiplex cinema theatres to 100 operational units by March 2019, the company said in a statement.
Set up in October 2015, PictureTime has created a mobile digiplex cinema theatre unit with a fireproof inflatable canopy that can accommodate 120 viewers. It currently operates 10 such mobile digiplex cinema theatre units and has showcased movies in villages of Telangana, Andhra Pradesh, Madhya Pradesh and Chhattisgarh.
“Our aim is to use technology to not only provide high-quality entertainment to rural India, but to also use our mobile digiplex cinema theatres as an outreach vehicle to generate awareness on educational and government schemes on initiatives around Digital India, Skill India, and Swachh Bharat Abhiyaan,” said Sushil Chaudhary, founder and CEO of PictureTime.
