HT Media Ltd has agreed to invest $5 million (Rs 32.4 crore) in US-based social commerce platform Sagoon Inc.
The media company will provide market visibility to Sagoon, which offers users a chance to make money while socialising, through its print, radio and digital properties, according to a press release.
HT Media’s publications include English newspapers Hindustan Times and Mint, and Hindi daily Hindustan. It also has several digital properties and FM radio stations.
The media company is investing in Sagoon through Singapore unit HT Overseas Pte. Ltd.
“The reach of Hindustan Times will enable us to further connect with a large market of Indian internet users, which is second largest in the world,” said Govinda Giri, founder and CEO of Sagoon.
Previously, Sagoon has raised around $3.4 million from more than 3,000 investors. In 2016, the company had raised $1.4 million through private investors, according to the release.
Sagoon has offices in Faridabad, India and Kathmandu, Nepal.
HT Media has invested in several companies in recent years, either through ad-for-equity deals or otherwise.
In February, HT Media agreed to invest up to CAD$10 million (Rs 51 crore) in Canadian education firm betterU.
In January, the company received board approval to invest up to Rs 21.9 crore in luxury real estate brokerage firm RealPro Realty Solutions Pvt. Ltd.