US-based Internet TV firm YuppTV pockets $2.5M from Sashi Reddi
Internet TV firm YuppTV has secured $2.5 million in its first funding round from Sashi Reddi. The transaction values the company at $25 million, according to Live Mint.
Reddi said: "Media industry is going to undergo a massive change with the emergence of Internet TV. World over, Internet television is becoming a very, very important factor and in fact will become dominant over the next five years."
Under the terms of the investment deal, Reddi will take a 10% stake in YuppTV. In addition, he will join the board of the Atlanta-based firm. The company will use the new capital to scale up and expand its client base. A second financing round is also set in October, the report detailed.
According to The Hindu Business Line, YuppTV currently has 140 employees. The firm will be launching its services in India within this year. Users can access the application using their personal computers, smart TVs, or iOS and Android devices, the report stated.