In a breakthrough year for hyper-local entertainment, the regional OTT platform Stage reported a massive 6.2X jump in operating revenue, reaching ₹111 crore for the fiscal year ended March 31, 2025. According to financial statements filed with the Registrar of Companies (RoC) on February 14, 2026, the startup has successfully crossed the prestigious ₹100 crore revenue threshold, a rare feat for niche language-focused streaming services.
Stage, which describes itself as the “Netflix for Bharat,” primarily operates in regional dialects such as Haryanvi and Rajasthani, and has recently expanded its cultural footprint into Bhojpuri.
The Growth Story: 4.4 Million Paying Subscribers
The platform’s growth is almost entirely powered by its loyal user base. Subscriptions accounted for 99% of the total operating revenue, highlighting the high willingness to pay among regional audiences—a demographic long considered “unmonetizable” by global giants.
| Metric | FY24 | FY25 | Change |
| Operating Revenue | ₹18 Crore | ₹111 Crore | ↑ 516% |
| Subscription Revenue | ₹17.4 Crore | ₹110 Crore | ↑ 532% |
| Total Users | ~6 Million | 20 Million | ↑ 233% |
| Paying Subscribers | ~5.5 Lakh | 4.4 Million | ↑ 700% |
The Cost of Scaling: Marketing Spends Explode
While the top line saw vertical growth, the aggressive push for customer acquisition led to a widening of losses. Advertising emerged as the single largest expense, forming 82% of the total expenditure.
- Marketing Surge: Advertising costs soared more than 4X to ₹115 crore in FY25, up from ₹27 crore in FY24.
- Widening Losses: Total expenses increased 3.4X to ₹141 crore, causing the company’s net loss to grow by 27% to ₹28 crore (compared to ₹22 crore in FY24).
- Improved Unit Economics: Despite the losses, the efficiency of the business improved significantly. Stage now spends ₹1.27 to earn one rupee, a vast improvement from the ₹2.28 it spent in FY24.
Expanding the “Cultural Map”
With a fresh $12.5 million Series B funding round led by Goodwater Capital and Blume Ventures in 2025, Stage is preparing for its next phase of expansion. The platform plans to tell stories in historically marginalized dialects and is currently scaling content for:
- Bhojpuri: Now a primary focus area for 2026.
- Avadhi, Maithili, and Magahi: Upcoming languages in the pipeline to capture the broader “Hindi heartland” belt.
Market Competitive Landscape
Stage faces stiff competition from other regional-first players who are also raising capital to capture specific linguistic markets:
- Aha Video: Dominant in Telugu and Tamil.
- Chaupal: The leader in Punjabi, Haryanvi, and Bhojpuri content.
- Planet Marathi: Recently raised $5 million to strengthen its Marathi library.
“Acquiring customers in Bharat while not counting on advertising revenues is a tough ask, but Stage has proven that if the content is culturally resonant, people will pay. The next round of funding will be the decisive factor for its long-term future.” — Industry Analyst.
