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Opera invests $30 mn in StarMaker

Press Trust of India  |  New Delhi 

Limited Tuesday said it has invested USD 30 million in US-based company focused on music and entertainment.

has invested USD 30 million at a USD 125 million pre-money valuation by purchasing preferred shares issued by resulting in an ownership stake of 19.35 per cent, said in a statement.

As part of the investment, Opera also obtained an option to increase its ownership to 51 per cent in the second half of the year 2020, it added.

enables users to record and share their own music videos, collaborate with other musicians, connect with other users and follow their idols on the social platform.

Starmaker has a strong and engaged user base in the emerging markets such as India, and the Middle East, the statement said.

"We are extremely excited to invest in StarMaker, as they are one of the leading platforms in emerging markets. StarMaker complements our existing content platform Opera News, and we are excited to take part in the company's journey of both continued product innovation and user growth," said.

Opera said the investment will "lay the foundation for opportunities for the two companies to leverage each other's strong brands and unique products to accelerate growth and to capture the shared opportunities".

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 06 2018. 18:50 IST