ⓘ Featured image: A file-photo of Ekta Kapoor, founder of AltBalaji; Credits: Hindustan Times via Getty Images
One of India’s homegrown OTT majors, Alt Balaji owned by Ekta Kapoor, on Monday announced that the company has invested in the Mumbai-based Tring, a celebrity engagement platform. AltBalaji has reportedly equipped a 17.5 percent stake in the company – valuing Tring at INR 100 crore (around $13.6242 million).
Officially launched in February by Pranav Chabhadia, Akshay Saini, and Rahul Saini, Tring allows users to book personalised video messages, Q&A sessions, shoutouts, chat messaging, live wishes on radio, and other forms of engagement with their favourite celebrities.
Tring lists over 2,000 celebrities including Sharman Joshi, Sayani Gupta, Saina Nehwal, Shamita Shetty, among others. The company is also backed by photographer Atul Kasbekar, some angel investors including Flipkart’s Kalyan Krishnamurthy, Udaan’s Sujeet Kumar, Unacademy’s Gaurav Munjal, and more.
As a part of the investment, AltBalaji will appoint one board member in B. D. Inno Ventures Pvt. Ltd, the parent company of Tring.
Speaking of the investment in Tring, Ekta Kapoor, joint managing director of Balaji Telefilms Ltd., the parent company of ALtBalaji, in a statement, said,
“Having been in the business of entertainment for more than two decades now, we value the bond between celebrities and their fans. Both ALTBalaji and Tring work with talent and try to bring them a step closer to their fans and vice-versa,”