India-based NV Capital, a credit fund focused on the media and entertainment sector, plans to organise virtual roadshows to tap investors across the UAE to raise a corpus of 246 million dirhams ($67 million).
Founded by former corporate bankers Nitin Menon and Vivek Menon, the fund will invest in content creators, over-the-top (OTT) platforms, gaming and entertainment start-ups, NV Capital said in a statement Sunday.
Vivek Menon said: "Given the rise of UAE as a preferred destination for global FPIs, it is eminent for the country to become the gateway of new age sectoral funding to countries like India. At the same time, owing to cultural similarities, a large expat population of Indian origin and sustained tie-ups with Indian media and entertainment industry, UAE remains a key market for garnering funds for pour pioneering offering.”
The value of the content market has been growing exponentially in recent years, with close to 1500 movies being released every year, combined with the rapid rise of multiple OTT monetization platforms, the company said.
In addition, digital media & gaming two subsegments are also growing, with online gaming alone expected to grow at a CAGR of over 25 percent. NV Capital is set to leverage the absence of institutional credit in the sector and to provide financing for these sunrise verticals, the statement said.
(Writing by Brinda Darasha; editing by Seban Scaria)
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