Eros International said two existing Top 10 institutional shareholders of the company have increased their holdings.
The company raised approximately $30 million through a private placement, the proceeds of which will be primarily used to fund further expansion of Eros Now, the Company’s OTT platform.
“Our vision to transform Eros from a leading film studio to a leading digital company with a global footprint is well underway with Eros Now, our OTT platform crossing one million paid subscribers as of June 30, 2016,” said Jyoti Deshpande, group CEO and managing director of Eros International.
“Our ownership of content and our strong balance sheet should provide tailwinds to grow the Eros Now subscriber base from one million to 10 million and eventually 100 million within the next decade,” said Deshpande.