Startup behind India's Chromecast, Teewe raises $1.7M from Sequoia & India Quotient
Bangalore-based Mango Man Consumer Electronics Pvt Ltd., the startup behind HDMI dongle Teewe which allows users to stream video content from a smartphone and watch it on their smart television, has raised $1.7 million (Rs 11 crore) from venture capital funds Sequoia Capital and India Quotient, a senior executive of the company told Techcircle.in.
"The firm will use the fund in building new types of devices focusing on music and audio," Sai Srinivas Kiran G, founder and CEO of Mango Man Consumer Electronics, said.
"It will also be used to enhance supply chain and reach out to the international market," he added.
The development was first reported by The Economic Times.
The company was founded in November 2013 by Kiran and Shubhan Malhotra. While Kiran has an engineering degree from IIT Kanpur, Malhotra is a BITS Pilani graduate.
The device, seen as India's own version of Chromecast, is priced at Rs 2,000 and users are required to download the app on their smart TVs to start using the device. Google's Chromecast costs Rs 3,000.
Teewe claims to have sold over 10,000 units of the device so far and is targeting to hit the 50,000 devices mark by May 2015.
It had previously received Rs 1.5 crore in its first round of funding in January 2014 from Kavin Bharti Mittal (son of Bharti Group chairman Sunil Mittal and who serves as head of strategy at Bharti Softbank, a JV behind digital properties like Hike), former Alcatel-Lucent India chairman Arun Seth and others.
(Edited by Joby Puthuparampil Johnson)