Cinema Capital Venture Fund plans to raise $50 mn from overseas

MUMBAI: Cinema Capital Venture Fund (CCVF) has kicked off its second round of fund-raising activity in India as it plans to build a corpus size of Rs 7.5 billion to support film companies who are in need of financing to scale up their businesses.

CCVF is eyeing $50 million from overseas markets while the balance will be raised in India in three tranches. The first Sebi-registered film venture capital fund mopped up Rs 1.75 billion late last year, but is yet to invest in any projects.

"Our second round kicked off on 7 January and we have raised a further Rs 250 million. We are in the evaluation process and hope to announce two of our major investments in February. These are film content production companies," CCVF promoter Samir Gupta tells He, however, did not reveal the name of the two companies.

CCVF is planning to raise Rs 5 billion with a greenshoe option of Rs 2.5 billion at a time when markets across the world are hit by financial woes.

The fund, which has been launched by a group of media professionals, will make a string of investments with deal sizes in the range of Rs 300-500 million. Picking up minority stakes, the aim is to build a wider, diversified portfolio.

"We are looking at content companies who are involved in producing films in Hindi and south Indian languages. We will help them scale up. Our stakes in these companies could range between 25 and 49 per cent but we would want the promoters to hold the majority," says Gupta.

Gupta, however, rules out seeding ventures which are in the film distribution and exhibition business.

CCVF will be examining companies that have a track record. "We are looking at investing in content companies that have credibility in the market. The promoters should also have a five-year vision to take the company to the next level," says Sanjay Bhattacharji, a key member in the senior management of CCVF.

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