Flyx Entertainment, which operates a discovery and recommendation app for over-the-top (OTT) content under the name Flyx, has raised a seed funding of $200,000 (Rs 1.5 crore at current exchange rates) from Raj Mishra, chairman and founder of AIT Global and an undisclosed group of high-net-worth individuals.
The Delhi and New York based company will use the funds to accelerate product development and expand services in India, according to a statement.
Flyx aggregates reviews from friends, family and contacts across all major streaming platforms to help users find recommended content to watch. The app is linked to over 100 streaming platforms including Netflix, Amazon Prime, Hotstar, Hulu, HBO and Apple TV+.
“Our immediate plan is to enhance our technology, add more streaming platforms and social networking platforms, to provide users a more comprehensive experience, Shashank Singh, CEO and Co-founder of Flyx, said.
Founded by Singh and Mayank Mishra, the app helps users reduce decision-making time and find positive reviews from their social network. Users can see what their contacts have recommended, create unified cross-platform watch-list, and keep track of the watched shows in a private ‘seen list.’ It also allows them to cross-post on social media platforms including Instagram and Snapchat and engage with followers.
“With content consumption at an all-time high, the need for a utility like Flyx is undeniable and I am supremely confident that Shashank and Mayank are the right founders to scale this business and take it to the next level,” Raj Mishra said.
According to a recent KPMG report titled ‘Unravelling the digital video consumer’, India will have more than 500 million online video subscribers by FY 2023, which would make the country the second-biggest market in the world after China.