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Artha Venture Fund Backs Jadooz, the Startup That Promises to Open 5000 Mini Entertainment Centres Across Bharat

twitter-logo PTI        Last Updated: June 4, 2019  | 11:53 IST

(Eds: Disclaimer: The following press release comes to you under an arrangement with PR Newswire. PTI takes no editorial responsibility for the same.) MUMBAI, June 04,2019/PRNewswire/ -- - Artha Venture Fund is the lead investor in Rs.1.85 cr seed round of investment into Jadooz - Jadooz operates a chain of entertainment zones which consist of a cinema, VR entertainment centers and cafe?s in tier 2 and 3 cities across India Jadooz Media Solutions Pvt. Ltd. has raised ?1.85 crores in a round led by Artha Venture Fund . Jadooz is a startup in the entertainment and edutainment space that is building entertainment zones across India in Tier 2 and Tier 3 towns/villages. Their aim is to provide entertainment with the feel of a multiplex at a convenient location and affordable price to the under-addressed Bharat dwellers. These entertainment zones consist of 50-70 seater cinema halls that showcase the latest Bollywood as well as regional movies. Their centers also have VR entertainment, gaming pods and a cafe? that serves light refreshments. Jadooz plans to use the funds raised from Artha to build 10 operational locations pan India. The company was founded in 2017, by Rahul Nehra and Kanika Singal who have delivered three fully functioning entertainment centers in Pindra (Varanasi), Thumuluru (Andhra Pradesh) and Kakinada (Andhra Pradesh) so far. "Jadooz's markets include towns with a population of 25k to 2.50L people, with an average per family income of INR 15,000 to 35,000 per month. Nevertheless, their business and design team do a thorough recce to determine the suitability of the location. So, they are not only an ideal candidate to operate as a franchise model but also provide a quality service at an affordable price," said Anirudh Damani , the Managing Partner at Artha Venture Fund. Artha Venture Fund is a ? 200 crore micro-VC fund that invests in early-stage companies. The fund has a unique strategy that maintains a 1:10 ratio for follow-on investments; up to the Series A round. The fund has made 4 investments so far in LenDenClub.com, Haazri, KabaddiAdda , and Jadooz. "We are thankful to Mr. Anirudh Damani for reposing faith in Jadooz. We share a common vision of creating the next wave of mini-theatres and entertainment zones, for the masses, in India, and across the emerging markets," said Rahul Nehra, the Founder. Rahul has experience in the content distribution technology space in various capacities since he has been a part of this industry for 20 years. On the other hand, Kanika brings valuable design and architecture experience that blends well with her business acumen. They have also put together a strong group of regional celebrities as investors, who will help in getting rights to the latest content and pull crowds to their existing locations. "Jadooz is the new destination for culture, entertainment and education as India's towns and villages grow. This is where the cinema will finally find its way to the 100 crores strong diaspora, which has till date been devoid of world-class exhibition space. Artha's entry into Jadooz paves the way for this vision of Jadooz being achieved at scale, in a shorter period," said, Tollywood star and Padmashree awardee, Shobana Chandrakumar. When asked to comment about his interest in Jadooz, the well-known actor and VJ, Rannvijay Singh said, "For a while now, film and television are the mediums by which I have voiced my opinions and shared my emotions. So, when the guys at Jadooz came to me with their idea of community building through entertainment, I felt it was both a challenge and an opportunity. It's an opportunity because community building was the long-term goal of the talkies, and a challenge because it hasn't been achieved in Indian cinema's 100-year history. Today, of course, the mediums have changed, but that only highlights the vastness of the gap that Jadooz must fill. They have my complete support." Currently, Jadooz has three operational centers and fifteen under construction across two countries. They also have MOU's and Agreements with Partners to build 500 centers over the next 3 years. They are expecting 25-35 centers by the end of 2019 and 250 centers by the end of 2020, making Jadooz the fastest growing company in this segment. Renowned actor and politician Ravi Kishan who is also on-board as a celebrity partner has announced his support to Jadooz by setting a roadmap of 500 theatres in UP and Bihar. About Artha Venture Fund Artha Venture Fund is India’s first 200 cr Micro VC fund. It will invest seed capital in 40-45 companies and participate in follow-on rounds up to; & including Series A. AVF-I is looking for startups with innovative and disruptive business models that have a high growth potential and a team that has the ability & experience to execute their plans. AVF-I expects to raise Rs.200 crores and has a green-shoe option of Rs.100 crores. It will be a Close ended fund for a period of seven years with the option to extend by up to two years. The Fund is being sponsored by Artha India Ventures and Singularity Holdings and will operate as a Category 1 venture capital fund. Source: Artha Venture Fund PWR PWR

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