Multiplex chain operator PVR unveiled its theatre-on-demand service ‘Vkaao’ and plans to add 100 screens by the 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 said.
PVR operates 562 screens in 122 properties in 48 cities in India. “Vkaao is an online platform that enables consumers to watch any movie of their choice at a theatre. Vkaao is very disruptive and gives control to customers to choose what they want to watch, when and where,” PVR Pictures CEO Kamal Gianchandani said.
Mr. 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 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 about 14% stake in PVR for about ₹820 crore.
Warburg Pincus acquired 9% stake affiliates of private equity firm Multiples and 5% from promoters of PVR.
Asked if the company has fresh plans for fund raising to support its expansion plans, Mr. Bijli said: “No, we will fund expansion from internal accruals.”