Mumbai-based creative consultancy Origin Beanstalk Creative Consultants has merged with Media Lounge Pvt Ltd, a full service media agency started recently by Manajit Ghoshal, ex-MD and CEO of Mid-Day, as per a company statement. The financial terms of the deal value are not disclosed.
With this, Origin Beanstalk becomes one of the key brands to join the rooster of Media Lounge, which is in the process to acquire other specialist agencies across various verticals over the next three months.
Founded in 2004 by Shom Mazumdar and Upendra Singh Thakur, Origin Beanstalk provides above-the-line (ATL) and below-the-line (BTL) brand communication solutions, high-end graphics and design solutions, film, graphics & animation and strategic & creative digital solutions.
The firm's clientele portfolio includes BASF, Edelweiss, Radio City, Jupiter Hospital, Mid-day, Manchester United Café Bar and The United Sports Bar and China Gate Group of Restaurants. It has 55 employees.
“This merger is the natural next step towards scaling our business and commencing our growth phase. While many investment companies and media houses have shown interest in us in the last 14 months, the proposal from Media Lounge is what came across as a perfect fit that will help us scale up the way we foresee our growth path and help us move up the value chain," said Thakur.
"While forming Media Lounge, I instantaneously thought about Origin Beanstalk and keenly approached them for the opportunity. With Media Lounge, the timing is right, the fit is right. And I see them play a key role in helping Media Lounge complete the full-services circle, thus making Media Lounge one of the most buzzing and sought after full service media group in this part of the world," said Ghoshal.
In February this year, Ghoshal launched Media Lounge Pvt Ltd with his friend Amardeep Singh Vig, the owner of Ronak Advertising.
Ghoshal, who left Mid-Day in February 2013, had joined Viiking Ventures as Group CEO in March 2013. After working for a year with Viiking, he started the new venture. Earlier in 2000, Ghoshal started a dotcom venture before foraying into mainstream media industry.
(Edited by Joby Puthuparampil Johnson)