18, May 2023
Global Firm Lytus Technologies acquires majority stake in Sri Sai Cable and Broadband Private Limited for its strategic expansion plans
Hyderabad,18th, May 2023: Nasdaq-listed Lytus Technologies Holdings PTV Ltd., a leading global technology-driven services company, has recently announced its acquisition of Sri Sai Cable and Broadband Private Ltd., a leading regional Multi Service Operator (MSO) based in Telangana, India. This strategic move signifies Lytus Technologies’ commitment to establishing a strong presence in the Indian market. By acquiring a 51% stake in Sri Sai Cable and Broadband Private Limited, which boasts a subscriber base of over 1 million, Lytus Technologies aims to expand its footprint in India in line with its strategic growth plans.
Lytus Technologies, established in 2017 by a visionary team of technology entrepreneurs, is a publicly listed company on the Nasdaq Capital Market under the ticker symbol “LYT”. The acquisition of Sri Sai Cable is expected to significantly bolster Lytus Technologies’ reach in the Telangana region with a customer base extending into Andhra Pradesh, Maharashtra, and Kerala. As the leading independent Multi Service Operators (MSOs) in Telangana, Sri Sai Cable will enable Lytus Technologies to enhance its service offerings and expand its presence in the region. With more than 40% market share in their dedicated network area, Sri Sai Cable and Broadband Private Limited boasts a flourishing network of over 6,500 local cable operators. As a result of Lytus Technologies’ acquisition of a majority stake in the company, current consumers of Sri Sai Cable will benefit from enhanced technology, resulting in a better viewing experience.
Specializing in Telecast & Multicast services, Lytus Technologies offers monthly subscription-based linear television and Internet services to both retail and business clients. The company’s robust network infrastructure spans over a 5,000-kilometer deployed network, providing fiber and broadband services. Since its inception, Lytus Technologies has expanded its presence in India through its Telecast & Multicast (IPTV) services. The recent acquisition of Sri Sai Cable further strengthens Lytus Technologies’ presence in India, allowing the company to cater to the Indian diaspora with captivating content and value-added services. This strategic acquisition represents a significant step forward in Lytus Technologies’ expansion plans, positioning the company as a key player in the Indian market and reinforcing its dedication to delivering innovative services to customers nationwide.
Commenting on the acquisition of Sri Sai Cable and Broadband Private Limited, Dharmesh Pandya, CEO, Lytus Technologies said, “Since our inception, Lytus Technologies has been committed to providing diverse entertainment options to the Indian audience. The recent acquisition of Sri Sai Cable and Broadband Private Limited enables us to expand our reach by offering cable and internet services not only to consumers in Telangana but also to their extended subscriber base in Andhra Pradesh, Maharashtra and Kerala. Through collaborative efforts, we will develop new technologies aimed at better serving our customer base. India is our primary market for IPTV services, and this year, we are launching IPTV and Internet services, positioning ourselves for revenue growth. Additionally, we are in the process of revising rates in accordance with the New Tariff Order, further enhancing our offerings and providing value to our customers.”
Srinivas Palle, CEO, Sri Sai Cable and Broadband Private Limited said, “Indian customers are now evolving and are keen to receive high-quality services. Being one of Telangana’s major Multi Service Operators, we strive to cater to ever-changing consumer behavior. With our partnership with Lytus Technologies, we will continue to focus on client needs and expand our footprint in larger parts of India. We intend to maintain and improve our technology in order to gain a larger market share in our network locations.”
Lytus Technologies has established a consumer base across major cities in India, including Mumbai, Hyderabad, Kolkata, New Delhi, and Allahabad. The company offers a comprehensive range of services, providing access to over 450 linear SD/HD channels from various content sources such as Star TV (Disney), Zee TV, Sony, Times Broadcasting, and Discovery. The company is actively engaged in strategic alliances with numerous major global corporations, a move aimed at expanding its reach and presence in the market. These alliances position Lytus Technologies for further growth in the near future.