TVS Shriram Growth Fund has joined Helion Venture Partners to invest a combined sum of $7.5 million in media start-up 9.9 Mediaworx Pvt. Ltd. This will be TVS Shriram Growth's first investment from its Rs 600 crore fund. Earlier VC Circle had reported that 9.9 Mediaworx had raised Rs 33.97 crore from Helion Venture Partners and a clutch of NRIs, diluting a 49.25% stake. With the additional investment from TVS Shriram, a majority stake in the company now seems to be with its investors.
Sanjeev Aggarwal, MD of Helion, and Gopal Srinivasan, CMD of TVS Capital, will join the 9.9 Media Board. The funds will be utilised to fund growth and the launch of new products and services. Last year 9.9 Mediaworx had acquired the brands and businesses of Jasubhai Digital Media (JDM).
"The founding team at 9.9 led by Pramath, brings a great depth of professional experience and we are excited to partner with this team to build a nextgen media business," said Gopal Srinivasan.
"We are impressed with how much the 9.9 team has been able to achieve in a short period of time. At a time when media in India is expanding and growing rapidly, we see 9.9 Media as the ideal vehicle to extend our portfolio into the media space," said Sanjeev Aggarwal, MD of
9.9 Mediaworx was founded last year by a team of senior professionals formerly with Kolkata based Ananda Bazar Patrika (ABP Group). They included Pramath Raj Sinha (former chief of McKinsey in India and ex CEO of ABP; pictured above), Asheesh Gupta (formerly CEO, Hero
Mindmine and vice-president, strategy, at ABP), Anuradha Das Mathur (formerly with the Indian associate of the EIU and Businessworld) and Vikas Gupta (formerly head of marketing of Coca-Cola India and chief marketing officer at ABP).