New Enterprise Associates India (Pvt.) Ltd., (NEA India), a global affiliate of the $11 billion venture capital firm, has appointed former Entertainment Network India Limited (Radio Mirchi) MD & CEO A P Parigi as Advisor for its operations in India.
Parigi has 35 years of experience spanning across sectors like telecommunications, media and entertainment. He is credited with developing and establishing Radio Mirchi into a power brand across 32 cities and broadcasting in 10 languages. Parigi was MD and CEO of Entertainment Network India Limited (Radio Mirchi) from 2000 to 2007.
Currently he is a member of the Board of Directors of Bennett, Coleman & Co Ltd, which owns newspapers like The Times of India and The Economic Times. He also serves on the boards of other group companies like Times Innovative Media Ltd (OOH), Times Global Broadcasting Co Ltd (Times Now) and Worldwide Media (a JV with the BBC).
Parigi was part of the team that led the Times Group's acquisition of UK's Virgin Radio business(without the brand), that didn't turn out to be a great buy for the media group. The BCCL had paid $106 million in its first big international acquisition in June, 2008. According to media reports the group is reportedly evaluaing its plans for this business.
In the past Parigi has also worked with ACC( then a Tata Group company), Batliboi & Company Limited and later as the CEO of BPL Mobile Communications (a JV with France Telecom).
Besides, Parigi is also on the business advisory council of the Said Business School (Oxford University) and advisory board of the Fordham Graduate School of Business, New York.
NEA, which had raised a $2.5-billion global fund in January 2010, plans to allocate 15% of this fund to India investments. The investment firm has beefed up its presence in India with appointment of ICICI Venture's Bala Deshpande as Senior Managing Director in 2008. NEA
invests in the mid-market growth space with deal sizes upwards of $10 million.
NEA has investments in companies like Financial Software and Systems Pvt Ltd, Nova Medical Centers, Air Works, InTarvo and ValueFirst.