PVR launches theatre on demand service Vkaao, eyes 100 screens
Recently, private equity player Warburg Pincus acquired around 14 per cent stake in PVR for about Rs 820 crore.
Multiplex chain operator PVR has launched theatre on demand service 'Vkaao' and plans to add 100 screens by end of next fiscal across the country.
"We plan to add 30 more screens by end of this financial year and another 70-80 screens in the next fiscal. Half of these new screens will come in the existing cities where we operate and half will be in new cities," PVR Joint Managing Director Sanjeev Kumar Bijli told PTI.
PVR, which at present operates 562 screens in 122 properties in 48 cities in India, today announced launch of a crowd sourced theatre on demand service 'Vkaao' across the country.
"Vkaao is an online platform that enables consumers to watch any movie of their choice at a theatre of their choice. Vkaao is very disruptive and gives control to a customer to choose what they want to watch, when and where," PVR Pictures CEO Kamal Gianchandani said.
Gianchandani said that Vkaao, a part of PVR Pictures, will initially begin service with 500 film titles across different languages and genres. Minimum requirement for a show to be confirmed would be 50 seats.
"We are looking at taking Vkaao offerings to 1,000 titles in 3 months time and looking at increasing it to 2,500 film titles by end of this calender year," he added.
Recently, private equity player Warburg Pincus acquired around 14 per cent stake in PVR for about Rs 820 crore. Warburg Pincus acquired 9 per cent stake affiliates of private equity firm Multiples and 5 per cent from promoters of PVR.
When asked if the company has fresh plans of funds raising to support its expansion plans, Bijli said: "No, we will fund expansion from internal accruals."