Digital ad-tech firm Fork Media has acquired a majority stake in audio advertising company Rappio Advertising Pvt. Ltd, it said in a statement.
Rappio, which was founded by Nirav Shah, Sahil Mehta, Ishan Doshi and Anuj Shah in 2016, helps brands play back their audio advertising formats, including ad jingles and announcements, as ringtones on end-users’ smartphones. Users can select from a variety of ‘ad ringtones’ provided by Rappio.
"Fork Media and Rappio have a common vision for innovating and driving the advertising experience through alternative inventories in the digital medium,” said Shah.
An advertising technology company, Fork Media was founded by Samar Verma and Upen Rai in February 2013. It was acquired by digital innovation firm Ant Farm two months later.
Fork Media creates properties with publishers where brands chip in to sponsor ad zones. The publisher powers the content and also brings in the audience. Fork Media packages and sells the properties to advertisers.
This is Fork Media’s fourth acquisition. It previously acquired ad-tech firm Inuxu, WiFi-based advertising network Spid Info and affiliate network ClickZoot. Featured in Deloitte’s list of 50 fastest-growing tech companies in Asia, Fork Media has offices in Dubai and Singapore and is about to launch one in Indonesia.
“At Fork Media, we have always believed in collaborating with the best minds in the ad-tech space and have been able to deliver differentiated offerings,” Verma said.
VCCircle had recently reported that Agnus Capital, the family office of promoters of pharma firm Strides Group, is investing an undisclosed amount in Fork Media.
In March 2015, Agnus Capital invested $1.6 million to acquire a 15.98% stake in Ant Farm, according to VCCEdge, the data research platform of News Corp VCCircle.