“When it comes to streaming and the consumption of media in this part of the world, we are just scratching the surface. We are strong believers in tremendous growth that’s yet to come and we felt that it was important that we set up the company for that growth and set up to scale for this coming demand and continue to grow our business,” he added.
Sheikh said: “We live in strange times. On one hand Wall Street’s doing really well, on the other hand, the unemployment rates are through the roof. The overall global economy is still very fragmented to say the least. We look around and we see the difficulties other companies are having raising capital and we feel very fortunate to be able to secure not only credit financing, but to be able to secure this kind of credit limit and this size of financing. We’re very fortunate with that.”
Ruya Partners is an independent alternative investment firm focused on private credit investments in developing markets. The firm, headquartered in the Abu Dhabi Global Market, is a portfolio investment of Abu Dhabi Catalyst Partners, a joint venture between Mubadala Investment Company and Falcon Edge Capital.
Mirza Beg, co-founder and managing partner of Ruya Partners, said the deal was almost two years in the making, which included eight months of due diligence on the company.
“We clearly like the space a lot. Streaming is the way of the future and certainly how the company has performed throughout the pandemic and the usage that it has seen, is a big validation of the business model,” said Beg.