Venturenet Partners Private Ltd. (promoters of Radiowalla and Spot Radio), a Bengaluru/US based Internet Radio company, announced today, that it has raised its Series A funding from Ojas Ventures Partners (OJAS).
Pavan Krishnamurthy and Raghu Batta from Ojas will join Venturenet’s board. On this occasion, Krishnamurthy and Batta of Ojas Ventures added that the digital audio market in India offers exciting business opportunities. “In Radiowalla founders we saw a set of passionate and experienced entrepreneurs taking an innovative approach to building music based business that addresses a large and growing market opportunity. We’re confident that our operating experience together with working closely with founders will help in creating a valuable company”.
The funding by OJAS will enable Venturenet to further expand the services and features of its rapidly growing Retail Audio Solution (Spot Radio) and its Direct to Consumer radio service (Radiowalla).
Launched in August 2011 Spot Radio has already partnered with 20 national retail chains, with over 2000 sites nationwide and is targeted to grow to a record 10,000 sites by the end of the year. Radiowalla, (scheduled to launch by this April), will initially offer Internet audio channels (music and non-music) created by a world class professional radio team, with content that is currently unavailable on traditional radio and other internet radio channels.
Anil Srivatsa, Co-Founder and CEO of Radiowalla, said, “ We’re seeing rapidly increasing customer adoption of our solutions, and with this investment by Ojas, we’re confident of accelerating growth, and cementing our position in the digital audio industry. In Ojas, we have found a partner that believes in us. With their support and with our committed team and focus on best service practices, we are definitely looking forward to a stellar year ahead”.
“We are delighted to have Ojas as investors in our company, given their track-record of helping early stage entrepreneurs in building businesses. We especially liked the operating experience they bring along our effort of creating value for all stakeholders and consumers” said Harvinderjit (Harry) Bhatia, (Co-founder, Radiowalla).
Unique to Venturenet, is its team of highly qualified promoters from the media and business fraternity. Anil Srivatsa has been a veteran of the media field since the past 20 years and was one of the first to launch his outspoken radio show called ‘Anil Ki Awaaz’, in New Jersey, USA and ‘between the sheets’ on FM in India. He also launched America’s first internet radio channel for Asian Americans. His last assignments were being COO Radio Today Broadcasting (Meow 104.8 FM) and later CEO of Kings XI Punjab.
Harvinderjit Bhatia, a Chartered Accountant with over 22 years of experience in corporate finance, private equity, media content and distribution was the CFO of Radio Mirchi where he lead managed the IPO of the Company. Currently Harvinderjit serves as the CFO of Netmagic.