The diversified RP-Sanjiv Goenka Group has picked up a 51% stake in Editorji Technologies Pvt. Ltd, an artificial intelligence-driven news platform set up by former NDTV chief executive Vikram Chandra.
This is the latest move in the media space by RP-Sanjiv Goenka Group, with the entity also having acquired the Indian publishing rights for business magazine Fortune. It also runs Open, the general news magazine helmed by editor S Prasannarajan.
The financial details of the latest transaction were not revealed.
Editorji head of operations Biswajit Borkataky said company backers including HT Media Ltd and Bharti Airtel Ltd will continue to remain investors, and that Chandra will continue to head the firm as managing director.
Editorji will use the investment from the RP-Sanjiv Goenka Group to add more Indian languages to its platform, as well as grow its user base, Borkataky told VCCircle.
RP-Sanjiv Goenka Group chairman Sanjiv Goenka said Editorji’s AI-driven model is what had drawn the group to the company, Mint reported. “We had been working independently to start our own digital news venture. But Editorji came as a readymade opportunity,” Goenka said.
Chandra said that the investment will give the company a runway of up to two years, adding that its plans also include an AI-driven product for advertisers. Through its platform, Editorji personalises news content for its users across categories, and provides curated news playlists.
In September 2018, the company raised funding from Bharti Airtel unit Nettle Infrastructure Investments Ltd.
In May that year, HT Media said that it had invested Rs 10 crore in Editorji. At the time, Chandra said the platform would present users with accurate short-format news videos, and its structure would also help in curbing the spread of fake news.