Mumbai-based Monarch Innovative Technologies Pvt Ltd (MITPL) has raised Rs 25 crores ($5.4 million) in funding from IndoUS Venture Partners (IUVP). Monarch Innovative offers technology products to the broadcast, video and photo imaging markets. The company was started in the year 1996 by Viren Satra, a videographer and photographer, and is now looking to aggressively scale its business.
Monarch Innovative Technologies provides services like virtual studio, online graphics systems and signal converters for broadcasters and cable operators. Monarch is the market leader in the Indian wedding video editing segment.
It has linear and non-linear (NLE) video editing & solutions for the video segment. Monarch Innovative Technologies also offers photo book designing and image editing software solutions to the photo market through its Karizma brand.
Sun Capital Advisory Services Pvt Ltd was the exclusive advisor to this transaction.
"Our forthcoming NLE solution is ready to revolutionize the market. We are now all set to expand our reach globally. Broadcasting is an extremely promising market in the coming years and we are aggressively investing in it. We have identified HD as the upcoming technology platform and we have proactively created HD solutions in line with our strategy to expand our product portfolio and reach," said Viren Satra, CMD of Monarch Innovative Technologies in a release.
"There is immense scope for growth in this sector. Monarch’s track record of providing great quality of products at affordable prices along with excellent after sales service enables the company to acquire and retain customers. The MITPL products proposition not only
allows the customers to save costs but also decreases operations times and consequently improves cash flow. This enables their customers to increase their productivity and margins by allowing them to focus on their core business of providing quality professional services," said Dr Kumar Shiralagi, Managing Director of IUVP.
IndoUS Venture Partners, which back early to mid-stage firms, has backed companies like Pressmart, which provides print-to-digital delivery services; Myntra, an on-demand personalization company and PreMedia Global Inc, which gives high-end content services to sectors like educational publishing, media services, animation, etc.
There have earlier been private equity investments in companies providing services to media and broadcasting industry. Lighthouse Funds has invested in Words Infocom, a company which provides content localization, subtitling, audio and video post production. Kubera Cross-Border Fund has backed Essel Shyam Communication, which provides solutions like teleporting, content management, play outs and mobile connectivity via DSNG vans for media broadcasting.