Wednesday, April 17, 2019

Startup Picture Time Digiplex raises Rs 25 crore - Economic Times

Startup Picture Time Digiplex raises Rs 25 crore - Economic Times

Startup Picture Time Digiplex raises Rs 25 crore - Economic Times

Posted: 16 Apr 2019 10:42 PM PDT

MUMBAI: Picture Time Digiplex, a mobile digital cinema theatre startup, has raised Rs 25 crore in a pre-series A financing round from Zenrock Comtrade, a fund owned by Ajay Relan, former chairman of private equity firm CX Partners.

Sushil Chaudhary, chairman, Picture Time Digiplex said, "We have raised Rs 25 crore, out of which Rs 15 crore is in equity while the remaining Rs 10 crore will be used as working capital. This time, we have seen a 40% increase in our valuation."

Last year too, the company had secured Rs 25 crore in a round led by Relan. But at that time, the company's valuation was Rs 80 crore.

"We've raised Rs 50 crore in the two years and we will be looking at Rs 100 crore series A round by the year end. We are in talks with institutional investors," said Chaudhary.

The company has filed for patents for its mobile digital movie theatre service. Each unit includes an inflatable canopy cinema theatre that is fireproof, airconditioned and equipped with digital projectors and Dolby 5.1 surround sound for a high quality cinema experience. Each unit can accommodate 120-130 viewers at a time and can be erected within two and a half hours.

Picture Time Digiplex prices its tickets at Rs 30-50 per person as it operates the mobile units in tier-III and -IV towns only.

"Currently we have 37 units running in 14 states. So far we have done over 50,000 kilometres of driving and registered 1.8 million footfalls. Our current run rate is around Rs 5.5 lakh per screen per month. Last year, our revenue was Rs 7 crore," said Chaudhary.

Earlier, the company had plans to have 100 units by the end of May this year, but it made slight changes in the business model after the initial run. While most of the units will remain mobile, the company is looking to deploy 25 units in Uttar Pradesh alone by the end of May and have many of them fixed for longer duration.

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