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Shotformats Digital Production Pvt Ltd on Tuesday said it plans to come out with an Initial Public Offering (IPO) and get listed on the Nasdaq in the next two years.
Being a digital products firm, a Nasdaq listing would give Shotformats a better valuation, according to Niyati Shah, Chief Executive Officer and Managing Director.
It plans to expand its Educate India campaign next month and have 10,000 outlets to distribute products by March 2014. Currently, it has 2,000 such outlets across six States, she said.
Talking to presspersons here, she said the Mumbai-based company, incorporated in 2008, had a turnover of nearly Rs 150 crore last fiscal.
Shotformats, a digital distribution company and India’s first VAS entertainment firm, also plans to expand the number of its offline application stores across the country by March 2014. Since September it has been offering offline applications bazaar and digital currency called ‘Biscoot Batua’ through 40,000 retail outlets across India.
Shah said the Biscoot app bazaar is the world’s first offline app store that offers 15,000 movies and over two lakh songs across 14 languages. The Biscoot digital currency, which is targeting the billion dollar virtual goods market, is available as scratch cards in denominations of Rs 20 to Rs 1,000, which can be used to pay for downloading films, songs and other products on mobile phones.
The company would increase its current staff strength of 250 by 100 by March 2014.
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