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iRevo Multimedia, makers of smart devices for internet access on TV, is looking to raise around $10-20 million (between ₹60 crore and ₹120 crore) from private equity funds. The funds will be used to scale up its India operations.
According to Dhimant N Bhayani, Founder & CEO, iRevo Multimedia, discussions have begun and the deal is likely to be finalised in the second-half of this year.
“We are looking to scale up our operations here and would look to tap PEs in this regard. Discussions have already begun,” he told BusinessLine . At present, the company has a development centre in Pune and sales and marketing offices in Mumbai and Bengaluru.
iRevo Multimedia India is the Indian arm of the US-headquartered iRevo Multimedia Inc.
Smart deviceThe ‘smart device’ is like a set-top box but it allows internet access (on TV). The device is powered by the company’s cloud-based application delivery platform called iRevo Smart TV Apps. The software allows the user to access content through an interface.
In India, the product will be priced between ₹5,000 and ₹10,000. Currently, the devices are imported from China.
According to Bhayani, iRevo is looking to work with various internet service providers and cable companies that have internet bandwidth to promote the smart device. Bundling offers are also being explored.
This apart, discussions are also on with various telcos to licence the software, if possible.
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