Kitara Capital, a global investment group based in the Middle East, is partnering with Vistas Media’s content business in Abu Dhabi, according to a press release issued by (VMAC), a Media and Entertainment-focused Special Purpose Acquisition Company (SPAC). Kitara Capital will invest up to $10 million in phases as the financing partner, while Vistas Media will handle the execution aspects, including the sourcing, development, production, and distribution of films and digital content across various languages, genres, and formats, the release said.
Together, the joint venture aims to focus on developing, producing, financing, and distributing Indian content worldwide, covering both theatrical and digital platforms.
Sachin Kamath, co-founder and CEO of Kitara Capital, expressed optimism about India’s prospects over the next decade. With various investments in different sectors, Kitara Capital sees significant potential for exponential growth in the country’s media and entertainment industry, driven by a youthful demographic, said Kamath. He also highlighted the intention to introduce institutional capital to address existing gaps in the market.
Abhayanand Singh, CEO of Vistas Media, commented on Kitara Capital’s investment, stating, “Kitara Capital’s investment into Vistas Media is a strong validation of our professional team and strategic approach to unlocking the potential of India’s media and entertainment sector. Their confidence in this alternative asset class could potentially open doors for more institutional investors to consider opportunities within Indian and Middle Eastern companies in this industry.”
Vistas Media, a prominent player in India’s media and entertainment sector, has a robust presence in content production, distribution, animation/VFX, and streaming business. Notably, the company made waves in August 2020 by launching the first SPAC from Asia, Vistas Media Acquisition Company Inc. This SPAC took MENA music streaming giant Anghami public on Nasdaq in February 2022. In a recent groundbreaking development, Anghami is set to merge with MENA’s leading video streaming platform, OSN+, creating a formidable force in music and video streaming for the region.
Under its film content and production banner, Golden Ratio Films, Vistas Media has played a significant role in developing, producing, and distributing a diverse range of films and digital content in both India and Hollywood. Their Hindi language slate includes notable titles such as “Bhonsle” (starring Manoj Bajpayee), “Albert Pinto ko Gussa Kyon Aata Hai,” “Nakkash,” “JL-50” (featuring Abhay Deol and Pankaj Kapoor), and upcoming releases like “Ghamasaan” (with Arshad Varsi and Prateek Gandhi) and “Baby Crasto” (starring Supriya Pathak). The company has also ventured beyond Hindi cinema, producing critically acclaimed films like “AB Aani CD,” “Chadramukhi,” and the national award-winning Marathi film “Paithni.” Additionally, Vistas Media has made its mark in Tamil cinema with co-productions like “Writer” and “J-Baby” alongside renowned Tamil director and producer P.a. Ranjith.
The company’s international collaborations include co-producing “The Extraordinary Journey of the Fakir,” marking Tamil superstar Dhanush’s entry into international cinema. Other noteworthy projects include “Son,” a road horror thriller starring Andi Matichak of Halloween fame, and “The Featherweight,” a co-production with Hollywood’s Appian Way, premiered at the Venice International Film Festival in 2023 and closing the IFFI in Goa.