Indian buyout firm TIW Private Equity has acquired a majority stake in Mumbai-based digital platform management firm Digital Refresh Networks Pvt. Ltd for $6 million (Rs 43.2 crore).
The company will use the funds to boost its expertise in content creation, Digital Refresh Networks said in a statement.
Barin Mukherjee, co-founder and chief executive officer at Digital Refresh Networks, said the investment will also help the company in the overall growth and sustenance of its margins.
The company, formerly Digital F5, was founded in 2011 by Barin Mukherjee and Ravi Dubey. Prior to forming Digital Refresh Networks, they both worked with digital entertainment company Hungama.
The digital marketing firm engages in social platforms and interaction management, content creation, performance-based marketing, and customised digital product solutions, specialising in market-place management and e-commerce services.
Mohit Ralhan, managing partner and chief investment officer, TIW Private Equity, said the team has demonstrated capability in developing new products and services, which will aid in driving growth for the company in the quarters ahead. “Significant value can be unlocked in this space by focusing on cost efficiencies around operating processes and through acquisitions,” he added.
Deals in the segment
In July, Mumbai-based digital marketing agency Monk Media Network said it has acqui-hired boutique social media and website development company SocialGIZ.
In June, US-based digital marketer IntellaSphere Inc. said it agreed in principle to buy Mumbai-based Edgytal Digital Marketing Pvt. Ltd operating in the same segment. IntellaSphere said the acquisition would see its India operations merge with Edgytal India.
In May, social media marketing solutions company At (logo: @) raised $330,000 (around Rs 2.3 crore) from angel investors, including Anupam Mittal, founder of People Group, which owns and runs online matrimony site Shaadi.com, among others.
TIW Private Equity invests across sectors including FMCG, media, education, digital platforms, financial services, real estate and manufacturing consumption, the statement said.
Earlier this year, a media report said that TIW Private Equity was close to marking the final close of its debut fund and was looking to raise another fund worth $100 million.
The PE firm’s portfolio companies include Kaunis Marketing Services, which works with international beauty brands; Plovio Value Chain Solutions, which helps removes intermediaries from the supply chain.