Netflix’s Indian unit saw its revenue grow by over 700 percent last fiscal year, reported The Economic Times. The steep growth is due to rise in subscribers as the streaming giant expands its local content offering, and spends heavily on marketing.

The company reported revenues of Rs 466.7 crore during FY2019 with a net profit of Rs 5.1 crore, a filing with the registrar of companies sourced from Veratech Intelligence stated, said the report. The revenue number is a big jump from the preceding fiscal year when the company had a turnover of Rs 58 crore and a net profit of Rs 20 lakh.

"A combination of factors including original content for India, partnership with Airtel for better access to market and fixing payment issues helped Netflix …all this combined with new low cost-based variants for a price-sensitive Indian market is the reason behind Netflix's phenomenal growth,” Mohit Yadav, founder of Veratech was quoted as saying in The Economic Times report.

The development comes, the report said, as the number of digital video viewers in India grows aided by burgeoning cheap data plans. India has more than 30 crore online video viewers, and the number is expected to reach 55 crores by the financial year 2023.