Mini-cinema chain Jadooz, has raised ₹1.85 crore of seed funding led by Artha Venture Fund. The startup will use the funds to build 10 operational locations across India.
The entertainment startup was founded in 2017 by Rahul Nehra and Kanika Singal. The company is building entertainment zones across India in Tier II and III towns/villages.
It’s 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 seat cinema halls that showcase Bollywood as well as regional movies. These centres also have VR entertainment, gaming pods and a cafe that serves light refreshments.
Whereas, Artha India Ventures is the early stage investment arm of the Artha Group of Companies.
It is the part of the family office of Mr. Ashok Kumar Damani and Mr. Ramesh M. Damani (both ex-Directors of the Bombay Stock Exchange).
Artha India Ventures is an early-stage sector agnostic fund that has been investing in start-ups since early 2012. It, currently, has a portfolio of 55 companies across India and the US, and plans to grow the portfolio to 100 startups over the next 3-5 years.
“We are thankful to Artha Venture Fund for reposing faith in Jadooz. We share a common vision of creating the next wave of mini-theaters and entertainment zones, for the masses, in India, and across the emerging markets,” said Nehra.
“Jadooz’s markets include towns with a population of 25k to 2.50 lakh people, with an average per family income of Rs 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, managing partner, Artha Venture Fund.
Moreover, Jadooz has fifteen under construction properties and have MOUs and agreements with partners to build 500 centres over the next 3 years. They are expecting 25 -35 centers by the end of 2019 and 250 centres by the end of 2020.