Avendus backs marketing services firm Ad2Pro with structured debt

Avendus Finance Pvt. Ltd, the credit solutions arm of investment banking firm Avendus Capital Pvt. Ltd, and Avendus Structured Credit Fund have backed marketing services firm Ad2Pro with Rs 63 crore ($9.7 million) in structured debt.

Owned and operated by Ad2Pro Media Solutions Pvt. Ltd, the startup will use the fresh capital to buy back the stake from existing investor VenturEast.

Early-stage investment firm Ventureast, which specialises in technology, healthcare and life sciences, had invested $2.6 million in Ad2Pro in 2008, according to VCCEdge, the data research platform of News Corp VCCircle.

Founded in 2006 Gopal Krishnan and Todd Brownrout, the Ad2Pro Group develops and delivers strategy, content, implementation and technology services to media and brand companies.

“Moving forward, we are optimistic about the future of Ad2pro Group and our partnership with Avendus. We feel well positioned to move on to our next stage of growth based on our work with them,” said Krishnan.

The Ad2pro Group operates three divisions, including 2adpro Media Solutions, Madras Brand Solutions and JDX, the company’s proprietary technology platform. The company employs 1,100 people across its four delivery centres in Bengaluru and Chennai, and in its Los Angeles, New York, London and Melbourne offices.

“Todd Brownrout and Gopal Krishnan have together built a solid business model in Ad2Pro rooted in its unique value proposition. This has helped the group establish itself as one of major players in the marketing services industry. Their well thought out approach to grow the newly established Madras Brand solutions business gives us confidence in the future prospect of the company,” said Sandeep Thapliyal, managing director and CEO, Avendus Finance .

Established in November 2016, Avendus Finance offers customised structured credit solutions and mezzanine capital to mid-market firms. It claims to have underwritten credit of Rs 800 crore across India’s healthcare, industrials, education and IT/IT-enabled businesses so far.

Educational coaching services provider Rao Edusolutions Pvt. Ltd, which operates under the Rao IIT Academy brand, had also raised structured debt of Rs 55 crore ($8.6 million) from Avendus Finance this January.

Last November, Avendus Finance had provided Rs 60 crore ($9.2 million) to the promoters of Hyderabad-based hospital chain Krishna Institute of Medical Sciences Ltd.

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