Prime Focus, Pocket FM get over Rs 1,100 crore in FDI in September quarter

Mumbai: Prime Focus Technologies and Pocket FM collectively received foreign direct investment (FDI) totalling more than Rs 1,100 crore from their foreign entities during the second quarter ended September 30.

According to data from the Department for Promotion of Industry and Internal Trade (DPIIT), Prime Focus Technologies (PFT), an AI-powered media tech company, secured Rs 742 crore from its holding company, DNEG S.a.r.l., based in Luxembourg.

In July, DNEG, an indirect subsidiary of Mumbai-based Prime Focus Ltd (PFL), secured $200 million in funding from Abu Dhabi-based investor United Al Saqer Group at a valuation of $2 billion. At that time, DNEG also completed the acquisition of PFT from its parent, PFL.


DNEG chairman Namit Malhotra had then stated that the funds would be used to pivot to an entertainment-tech company, expanding its presence in visual effects, tech and content development. This marked a shift from being a pure-play visual effects service provider for Hollywood.

Pocket FM, an audio entertainment platform, received Rs 387 crore in FDI from its US-based entity, Pocket FM Corp. During a recent interaction, Pocket FM chief financial officer Anurag Sharma said the company would consider raising funds early next year to expand its presence in the US, its biggest international market.

"We are not currently planning any fundraising efforts, as we have enough runway to sustain us for the foreseeable future. However, as we are considering expanding our presence in the US market due to its large size and growth potential, we may evaluate the possibility of fundraising early next year," Sharma said.

Other companies that received investments during the period under the Reserve Bank of India’s automatic route for foreign inflows included Mumbai-based Toyam Sports, which received Rs 182 crore from UAE-based Ecotek General Trading and Ali Akbar Parvez Khan, who is also a shareholder in Toyam Sports.

Hinduja Group's IndusInd Media and Communications secured Rs 56.60 crore from IndusInd International Holdings, located in Mauritius.

Connekkt Media Network, specialising in motion picture production, received Rs 42 crore from Chungath Karunakaran Padma Kumar, a UAE-based investor. Delhi-based film production company Kaleidoscope Entertainment received Rs 13 crore from Hong Kong’s Rommago Investments.

Havas Media India, part of the global advertising network Havas SA, got Rs 22 crore in FDI from its French parent company. Multiplex chain Cinepolis India secured Rs 20 crore from Cinepolis International Holding of Spain.

The information & broadcasting (including print media) sector received Rs 147.38 crore in FDI during the quarter and Rs 3,522 crore during the first half of the fiscal year.