Bangalore: Singapore based cloud content distribution startup Ziddu.com raises around $71 million from Bollywood’s renowned family, Bachchans. As per the funding, the Bachchans picked up the shares of Ziddu for $252,000 using cash from Amitabh Bachchan’s account and from a joint account with Abhishek Bachchan. However, as per the report, the Bachchans had to use funds in their overseas accounts to wind up the deal as banks in India needed a notification from RBI to transfer the amount.
Incorporated in 2007 by Meenavalli Venkat and Palacharla Srinivasu, the Singapore based Meridian Pte. Ltd owned Ziddu.com is one of the world top 5 file sharing sites. Since inception, the firm offers free file hosting as well as secured cloud services across all media. Today, the company claims to create 1.2 billion page views with visitors from 225 countries and clocked revenues of $20 million in 2014.
On the other hands, the Bollywood’s renowned family, Bachchan holds 3.4% equity in a financial technology house, the BSE-listed company promoted by Meenavalli called Stampede Capital. Bachchan also holds stakes in Just Dial.