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Cellcast Asia gets funding; commences independent operations

Cellcast Asia holdings, a subsidiary of UK based Cellcast Plc, has obtained funding through Canaan Partners, a global venture capital firm which primarily invests in early- stage technology and life sciences companies. Canaan will invest $5.25 million in Cellcast Asia Holdings which will now work as an independent entity. This is the third investment of the year for Canaan in India. The funding is primarily to meet the huge consumer demand faced by Cellcast for interactive digital entertainment in India and South-East Asia. As part of this deal, Alok Mittal, Managing Director, Canaan India and Maha Ibrahim, Generall Partner, Canaan USA will sit on the board of directors for the newly-established Cellcast Asia Holding. Apart from this, Canaan will enjoy a 38 percent stake in the company.

Betrand Pierre Folliet, Chief Operating Officer, Cellcast Plc says, “Canaan understands our space and where we want to go and they are helping us achieve our goals.” Cellcast Asia makes and sells VAS content across all the mediums of communication. It currently hosts the popular interactive TV show called Bid2Win which has already generated $2.5 million in revenue for both, Cellcast and Operators in a year’s time. As part of the growth, it has already signed up with six broadcasters and five more are in the pipeline.