Delhi-based podcast hosting, creation and distribution company Hubhopper has raised an undisclosed amount as a strategic investment from Hindustan Times Media Ventures.
Previously, Hubhopper had raised over $ 500,000 in multiple investment cycles from angel and institutional investors including ITI Growth Opportunities Fund, Unit-E Ventures, etc.
Hubhopper will use the funds to continue to grow the podcast ecosystem in India by democratizing and equipping Indian creators with the tools and technologies to create, host, launch, distribute, analyze and monetize their podcasts and audio content.
In addition, they will continue to develop their products and their podcast distribution network of more than 50 partners and integrations Ã¢ â¬ â currently including Samsung, Spotify, Gaana, Wynk, Paytm, PhonePe, Karbonn, Indus OS, and more.
The deal comes at a time when tech and media giants, both in India and globally, are doubling down to own a share of India’s rapidly growing podcast market. Earlier in November 2020, Tencent-backed Pratilipi acquired podcast company IVM Podcasts Ã¢ â¬ â towards the consolidation of the podcast space in India, the first of many movements and alliances to come.
Globally, this alliance comes at a time of incredible fervor and activity in the podcast landscape that has been observed over the past 18 months, with events such as audio streaming giant Spotify acquiring a multitude of homes and podcast platforms, including Gimlet Media, Parcast, Megaphone and Anchor.
On the other hand, Amazon placed its bets in the podcast market by buying the four-year-old Wondery podcast network, and Sirius XM has spent hundreds of millions of dollars buying podcasting companies Stitcher and Simplecast. More recently, social media giant Twitter entered the fray by acquiring the Breaker podcast platform.
Gautam Raj Anand, Founder of Hubhopper, said: âAudio is an incredibly special medium. It is more agnostic in terms of language, literacy and capital than its contemporaries and holds a special place in the hearts and lives of Indians. Hubhopper’s effort with HT is to continue defending this community and democratizing podcasting for all. We have only scratched the tip of this iceberg.
Nishant Kumar, Head of Partnerships at Hubhopper, commented: âHubhopper has always strived to make audio creation and consumption accessible through robust and innovative technology platforms. This strategic partnership between HT Media and Hubhopper marks a turning point in the development of the podcast landscape in India. We look forward to bringing together this amazing digital audio medium to every creator and consumer in India.
Hubhopper works with over 50 partners on the content and distribution side such as Spotify, Gaana, Wynk, HT Media, Samsung, Amazon Alexa and many more. Their end-to-end podcast creation, hosting and distribution platform Hubhopper Studio Supports over 10,000 creators, brands, and businesses with over 8 million monthly feeds and all their other podcasting software needs.