US-based Global Takeoff Inc, the company behind the internet TV service venture YuppTV, has raised $2.5 million (Rs 15 crore) in angel funding from Sashi Reddi, a serial entrepreneur and founder & chairman of Sri Capital.
Reddi has picked 10 per cent stake in the company valuing the venture at $25 million.
YuppTV was founded in 2007 by Udaynandan Reddy, who was previously a director for Nortel, where he was responsible for sales in the Caribbean. He has 14 years of experience in telecom and networking arena.
YuppTV delivers more than 130 Indian TV channels and more than 3,000 on-demand videos, movies, TV shows and live events through multiple internet-enabled devices. It is focusing on Indian expats worldwide with its services.
Sashi Reddi is a serial entrepreneur, who sold his software testing and quality management company AppLabs to CSC in 2011. Previously, he had founded EZPower Systems, a developer of products for building and maintaining large-scale web applications, and iCoop, a group purchasing venture.
He invests $250,000-500,000 in around four startups a year. His focus areas are business services, enterprise software, IT, internet, location-based services, media and mobile. A B Tech in Computer Science from IIT Delhi, he is also the founder and chairman of FXLabs, a leading developer of game products for PCs and consoles. His portfolio companies also include Glassbeam, Oximity, Shopo.in, Edutor and Sili.