Playtoome’s Live Entertainment Solution Raises Rs 2 Cr in Pre-Series A Funding from Venture Catalysts
Renowned investors Arihant Patni and Bhaskar Raju Konduru, Founding member of Red Bus & current CTO, Housejoy participated in round
Venture Catalysts, India’s integrated incubator, has time and again shown its unique ability to discover differentiated ventures that are poised to redefine existing paradigms in their respective domains. The latest testament to this innovative investment approach comes in the form of the Pre-Series A investment of Rs 2 crore into Playtoome, a live entertainment destination which enables fans to interactively experience concerts and performances from their favorite artists. Led by VCats angels including Arihant Patni, serial entrepreneur Bhaskar Raju Konduru, Founding member of Red Bus & current CTO at Housejoy, Goverdhan Singh Jamwal, Chairman Kunwar Viyogi Memorial Trust, philanthropist and art and culture activist, Akhileshwaran Krishnan—Group CFO at Apollo Hospitals. The funding provides a significant boost to the growing online live entertainment space in India.
The platform had earlier raised a seed round of funding of Rs 1.5 crore from an Angel Investment firm Newport Holdings LLP, founded by Mr Rangarajan Narayanan (Co- Founder EXILANT Technologies) and from HNIs including Ex Global commodity financial services leader Ramesh Sundaresan at OLAM international, and Deb Dasgupta, Global Alliance Director at Red Hat New York.
Founded by S Keerthivasan in 2016, Playtoome allows users to connect with their favourite stars and watch them perform LIVE – all from the comfort of their own couch. It enables fans to use any screen of their choice – from a mobile phone, a computer, a tablet, or a Smart TV – to enjoy live performances at a fraction of the cost of attending a live concert. What makes its value proposition more attractive is the fact that it allows its users to chat and interact directly with their favorite artistes and musicians in real-time.
Speaking on the investment, Dr. Apoorv Ranjan Sharma, Co-Founder & President – Venture Catalysts, said, “The online live entertainment domain in India is growing at a rapid pace and will be a multimillion dollar opportunity in the near future. With a robust technological framework to support its operations, Playtoome is well-poised to capitalize on this emergent market sector. We are confident that the extensive domain-specific expertise of Playtoome’s founding team will help in driving aggressive growth for the venture and establishing it as a leading industry player.”
Apart from gratifying music aficionados, Playtoome helps artists associated with its platform to build a dedicated fan base and earn while performing anytime, anywhere. Currently hosting, on average, one live concert a day, Playtoome has already brought on board over three thousand and five hundred artists and has a customer base of more than over fifty thousand ardent fans growing everyday. The platform has already hosted close to two hundred shows..
S Keerthivasan, Founder & CEO, Playtoome said, “Playtoome was launched with a singular vision – to transform the live entertainment space by connecting audiences with their favorite artists through technology and enabling more interactive and immersive live entertainment experiences. The investment from Venture Catalysts gives a big boost to that vision. This association provides us with the capital infusion necessary to scale our operations to one hundred shows a month, and also unlocks access to key mentorship and networking opportunities critical to the growth of any emerging startup.”
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