Mojostar In Talks To Bag $10 Million From venture capital

Mojostar, a newly formed joint venture between celebrity management firm KWAN Entertainment and brand management and licensing agency Dream Theatre, is in talks with venture capital and private equity firms to raise $10 million (about Rs 64 crore) in Series A funding.

The company, in which KWAN Entertainment holds a majority stake, hopes to invest $30-40 million over the next two-three years.

Anirban Das Blah, managing partner of Mojostar and founder of KWAN Entertainment said “We have had informal conversations with both VC and PE players as a precursor to the formal fund raise. The initial response is very good and we hope to raise $10 million in Series A. Mojostar will be first company in the sector to raise $10 million in Series A funding. For any successful retail business you need strategic advantages in either distribution or brand. Mojostar is a celebrity-driven retail business that combines KWAN's celebrity and marketing expertise with dream Theatre’s retail and distribution expertise. We have partnered with celebrities to co-create authentic, retail brands in the areas of fashion, fitness and personal care”.

Blah said “The apparel market in India in itself is over $100 billion and hardly 20% is organised. There are many white spaces unexploited. We see a room for authentic brands in sub-premium space. Starting April next year, we will launch three celebrity driven brands in 2018. In 2019, we will launch our fourth brand and in 2020 we plan to launch personal care products”.

It has also signed deals with Jacqueline Fernandez and Tiger Shroff to develop a product range in the areas of fitness and fashion. It is also in the final leg of talks with another Bollywood A-lister for a similar partnership, according to the company.

Blah and co-founder Jiggy George, the CEO of Dream Theatre, have been working together for over eight months to address market opportunity for celebrity brands. George said that Mojostar will be leveraging the mutual strengths of the two partners to revolutionise the way retail brands are created in India.