Delhi and New York-based, FLYX, a social network platform for OTT content on Tuesday said it has raised pre-seed funding amounting to $ 200,000 from High Networth Individuals (HNIs). The company will use the funds to accelerate product development and further expand services in India, according to a release.
Founded by seasoned technologists Shashank Singh and Mayank Mishra, FLYX is a streaming social network that helps users find recommended content to watch, on the back of a unique algorithm that aggregates reviews from friends, family, and contacts across all major streaming platforms. The app is available for free download on both iOS and Android stores and works across all streaming platforms such as Netflix, Amazon Prime, Hotstar, Hulu, Google Play among others, the release added.
The value that FLYX provides is reducing time in decision making, and being able to find reviews from your social network, aligned to personal taste. Just by logging in, users can see what their contacts have recommended, and make informed choices. Users can also create a unified cross-platform watch-list, and keep track of shows watched in a private “seen list.”
The platform lets them cross-post on social media platforms including Instagram and Snapchat. An interactive platform, where users can engage with their followers through the private or group chat feature – FLYX also enables watching trailers and exchanging notes and comments with followers about new and upcoming releases.
“It’s fantastic to have the support of our investors as we look to grow and scale FLYX in India. We have seen encouraging growth over the last few months, and we consider this to be the right time to scale our operations and to strengthen our position as the one-stop-shop for reviews, feedback, and updates for entertainment across major streaming platforms in India. Our plan is to enhance our technology, add more streaming platforms and social networking platforms, to provide users a more comprehensive experience,” said Shashank Singh, CEO & co-founder of FLYX.
“With content consumption at an all-time high, the need for a utility like FLYX is undeniable and I am confident that Shashank and Mayank are the right founders to scale this business and take it to the next level”, said Raj Mishra, investor, chairman & founder, AIT Global Inc.
Consumers can use FLYX to know what friends and family are recommending and let them know what their favorites are. Be updated with what movies and shows are trending across various platforms, among other features.
KPMG in its latest report, ‘Unravelling the digital video consumer’ estimated that India will have more than 500 million online video subscribers by FY 2023. This would make it the second-biggest market in the world after China.