Angel investor Sashi Reddi buys 10 per cent stake in YuppTV for Rs 15 crore

HYDERABAD: Sashi Reddi, an angel investor and founder and Managing Director of Sri Capital, has bought 10 per cent stake for around $2.5 million (Rs 15 crore) in US-based video streaming service provider YuppTV.

The deal values YuppTV at $25 million (about Rs 150 crore), Uday Reddy, founder and CEO of the Atlanta-based Internet TV service provider, said here.

Post-stake sale, Reddi will join the YuppTV board. "Sashi Reddi will join the board and work closely in building the company to achieve $100 million revenue target in the next 3 years.

"YuppTV currently competes with satellite and cable TV operators offering Indian content. Its primary target markets are Indians living in North America, Europe, and Australia," Uday Reddy said in a press conference.

YuppTV clocked revenues of $11 million (about Rs 66 crore) in 2013. It grew over 100 per cent year-on-year in the last two years, he added.

With access to 170 live Indian TV channels and a large movie library, YuppTV is now the top player globally for Indian content delivered over Internet. Over 5 million visitors view YuppTV every month.

"We are on the verge of a revolution in content delivery and YuppTV is at the forefront of that revolution, Reddi said.