Mumbai: Ektaa Kapoor-helmed Balaji Telefilms has made a cumulative investment of Rs. 795 crore in its over-the-top (OTT) subsidiary ALT Digital Media Entertainment, the content production company said in its annual report for 2023-24.

The subsidiary owns and operates entertainment streaming platform ALTT, which was earlier known as ALT Balaji. The platform was launched in April 2017 as part of Balaji Telefilms’ expansion into the business-to-consumer segment.

Apart from the investments, Balaji Telefilms also provided loans, including interest accrued thereon, aggregating to Rs. 103 crore. The company's trade receivables outstanding stood at Rs. 18 crore as of March 31.

The company also stated that ALT Digital Media Entertainment has been valued at Rs. 1,209 crore, reflecting a 32% premium over its carrying cost, according to a valuation exercise conducted by Balaji Telefilms through one of the Big Four independent valuation firms.

It added that the premium highlights the impact of the strategic changes implemented by ALT Digital 

over the past year.

Reliance Industries owns a 24.82% stake in Balaji Telefilms, with Ektaa Kapoor and Shobha Kapoor holding 18.16% and 10.84%, respectively.

As part of the strategic pivot, ALT Digital has undergone significant transformation, focusing on cost rationalization, optimizing staff levels and reducing cash burn.

ALT Digital reduced its Ebitda losses to Rs. 21 crore in 2023-24 from Rs. 65 crore in 2022-23 and Rs. 135 crore in 2021-22. The company had liquid cash investments of Rs. 20 crore in mutual funds as of March 31.

While ALTT continues to follow the subscription model, the platform has also ventured into the advertising segment.