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Tag: acquisition

  • Byju’s acquires US start-up Epic for $500 mn

    Byju’s acquires US start-up Epic for $500 mn

    New Delhi: Signalling its bid to expand its global footprint, edtech major Byju’s has announced that it has acquired Epic, US based digital reading platform for kids for $500 million.

    The company said it will invest an additional $1 billion in the US to strengthen its vision of “helping students fall in love with learning”.

    The acquisition will enable the ed-tech major to bolster its presence in the US market by providing access to the more than two million teachers and 50 million kids in Epic’s existing global user-base, which has more than doubled over the last year, Byju’s said in a statement. It will also enable it to create engaging and interactive reading and learning experiences for children globally.

    “Our mission is to fuel curiosity and make students fall in love with learning. Knowing that Epic and its products are rooted in the same mission, it was a natural fit. Together, we have the opportunity to create impactful experiences for children to become lifelong learners,” said Byju’s founder and CEO, Byju Raveendran.

    Epic CEO Suren Markosian and co-founder Kevin Donahue will continue in their current roles.

    “The alignment of missions and shared passion makes Byju’s the perfect partner, as Epic is confident that this acquisition will ignite excitement for learning around the world,” said Epic co-founder, Markosian. “Together, we can help empower future generations of kids by fostering a lifetime love for reading and learning.”

    Byju’s has aggressive plans for international and US market expansion, and the acquisition with Epic will not only lead to significant investments in technology that will help to further personalised learning for students but also enable Byju’s to become a natural part of America”s learning culture, the statement said

  • Sanjeev Kapoor co-founded Tinychef acquires food-tech startup Zelish

    Sanjeev Kapoor co-founded Tinychef acquires food-tech startup Zelish

    Mumbai: Tinychef, which counts celebrity chef Sanjeev Kapoor among its co-founders, has acquired Indian food-tech startup Zelish for an undisclosed amount.

    A Techstars accelerator and Bosch and Siemens Home Appliances backed company, Zelish was founded two years ago by Rakesh Edavalath, Saakshi Jain, and Arpit Joseph. By acquiring Zelish, Tinychef will also gain access to the app’s 125,000 users and approximately 35 per cent of whom are monthly active users.

    The coming together of these two AI-powered companies will give them a distinct edge. Zelish gives Tinychef a powerful app with a highly engaged user base. Similarly, this alliance also gives Zelish a chance to integrate with Tinychef’s voice-assisted, Alexa-enabled, hands-free cooking universe. Tinychef now aids everything from automatic meal planning to one-click grocery shopping, voice-guided cooking and the use of connected appliances.

    “We’re really excited about this acquisition as it will help us take the Zelish experience into the world of voice-assisted cooking,” Zelish co-founder Saakshi Jain said. “With Tinychef in the picture, users can look forward to a completely hands-free experience. We are looking forward to the Zelish app spreading across the Indian sub-continent and growing its presence globally in the North American market as well.”

    Zelish co-founder Rakesh Edavalath added, “We are thrilled to expand the vision of our tech-first platform Zelish to become a voice-guided assistant thanks to Tinychef. Most people who manage the kitchen complain that there is a constant back and forth between operating their phones and managing the said tasks. People will soon be able to relish the Zelish experience on voice assistants like Alexa instead of going back and forth on recipe videos. ”

    Meanwhile, Tinychef already has over a million users and over 100,000 active monthly users in India and within a month of its launch, it has garnered over 25,000 users in North America with the bulk of the user base belonging to the US and Canadian markets.

    “As a pioneer in voice-first solutions on smart speakers for consumers in the kitchen, adding smartphones was the natural next step for us so that we become truly a ‘device agnostic’ smart kitchen assistant,” Tinychef co-founder Bahubali Shete said. “I am really bullish that we will make Tinychef the default kitchen assistant for every kitchen around the world.”

    Sanjeev Kapoor added, “I have always tried to impact kitchens in India and across the world with simple and healthier recipes and tips that households appreciate. I am looking forward to seeing kitchens across the world get even simpler with these two wonderful brands combining into something even more powerful.”

    Tinychef currently has a user retention rate of 40 per cent and going forward this acquisition is projected to help the app achieve MoM Growth of 70 per cent.

  • Aon brand replaces Anviti Insurance Brokers in India

    Mumbai: Global professional services firm providing a broad range of risk, retirement, and health solutions, Aon plc on Monday announced that it will operate its insurance and reinsurance broking business under the Aon brand name in India, effective immediately.

    Aon acquired a 49 percent stake in the Indian composite broking firm, Anviti Insurance Brokers Private Limited in 2020. With the required regulatory approvals completed, Anviti will now be rebranded and the firm will operate as Aon India Insurance Brokers Private Limited, it announced on Monday.

    Aon India Insurance Brokers Private Limited CEO Jonathan Pipe said, “We are glad to have completed the transition of Anviti to Aon. We will continue to be trusted advisors to our clients in India and look forward to helping them mitigate the impact of the COVID-19 pandemic and protect their business and people.”

    Aon Asia Pacific CEO Sandeep Malik said, “Aon’s team will strongly support Indian businesses in moving forward with confidence and certainty during these challenging times. Through our expertise, we will innovate new sources of value for our clients and create new opportunities for our colleagues.”

  • Tata Digital acquires majority stake in 1mg

    Mumbai: Tata Digital, a wholly owned subsidiary of the Tata Group, said it is acquiring a majority stake in online pharmacy 1mg, making this the second majority acquisition in the digital economy, after the e-grocery BigBasket equity purchase.

    The investment is in line with Tata group’s vision of creating a digital ecosystem that addresses consumer needs across categories in a unified manner, it said in a statement.

    Earlier this week, Tata Group also said it had entered into a memorandum of understanding (MoU) with fitness startup Curefit and will invest $75 million in the Bengaluru-based startup. Curefit founder Mukesh Bansal is also joining Tata Digital as its president, as part of the deal.

    In May, Tata Digital announced the purchase of a 64 per cent stake in online grocer BigBasket. 

    The Tata-1mg deal comes when Reliance has entered the online pharmacy space by acquiring Netmeds, while PharmEasy also merged with smaller rival Medlife.

    Incorporated in 2015, 1mg provides online delivery of medicines, health and wellness products, diagnostics services and teleconsultation.

    “We are delighted to join hands with one of India’s most iconic and respected conglomerates. This marks a significant milestone in 1mg’s journey to make high-quality healthcare products and services accessible to customers across India,” said 1mg co-founder and chief executive Prashant Tandon

  • QYOU Media to acquire influencer marketing firm Chtrbox

    QYOU Media to acquire influencer marketing firm Chtrbox

    Mumbai: QYOU Media Inc on Tuesday announced that it has entered into a definitive share purchase agreement to acquire leading Influencer marketing company Chtrbox in India.

    The acquisition is part of the company’s continued focus on India, and in the creator economy and content domain. QYOU Media will initially purchase a majority stake in Chtrbox, with a three year earn out. Founder and CEO Pranay Swarup and COO Julie Kriegshaber will continue in their leadership roles with Chtrbox.

    Founded in 2016 Chtrbox is a data-driven influencer marketing, with a diverse pool of over three lakh influencers, from celebrities, social media stars, Gen-Z creators to micro and nano influencers. According to the company, it will continue to run as an independently positioned brand, while benefiting from QYOU Media’s complementary businesses including the TV channel – The Q.

    Highlighting the common goals shared by the companies QYOU Media Inc., CEO and co-founder, Curt Marvis, said collective synergies between the two businesses could not be better aligned. “Our channel in India, The Q, with its massive recent ratings growth shows the power of the right creator led content. When we combine this with Chtrbox’s digital acumen and unparalleled knowledge of the world of influencer marketing, it is truly a match made in heaven,” he said.

    QYOU Media has been built with ‘influencers’ at its core. Its India TV Channel, The Q is also primarily creator-led and records nearly 100 million viewer impressions weekly. The acquisition is aimed at substantial expansion of QYOU’s influencer marketing business in India and also deliver immediate and accretive capabilities to QYOU’s India broadcast operations, said the company.

    Chtrbox, CEO and founder, Pranay Swarup said, “With QYOU, we gain access to massive distribution reaching millions of households, while we continue to power awesome creator-led content across digital platforms and apps. Our biggest stakeholders are influencers and brands and they now have the opportunity to positively influence millions more.”

    The Q India, chief operating officer, Krishna Menon said, “Chtrbox will also help strengthen our presence in the rapidly rising digital streaming space. Together, we are perfectly positioned to consolidate and advance influencer marketing, content development, distribution and engagement to the next level in India. We welcome Chtrbox to The Q family.”

  • Tata Digital acquires majority stake in Bigbasket

    Tata Digital acquires majority stake in Bigbasket

    New Delhi: Tata Digital Ltd announced on Friday that it has acquired a majority stake in the online grocery platform Bigbasket.

    Tata Digital is a 100 per cent subsidiary of Tata Sons. With this deal, one of India’s largest conglomerates has entered into direct competition with Flipkart, Amazon, and Reliance Industries which have continued to bolster their presence in the country’s fast-growing e-commerce space.

    “Grocery is one of the largest components of an individual’s consumption basket in India, and Bigbasket as India’s largest e-grocery player fits in perfectly with our vision of creating a large consumer digital ecosystem. We are delighted to welcome Bigbasket as a part of Tata Digital,” said Tata Digital CEO Pratik Pal in a statement on Friday.

    Exact details about the deal were not disclosed. But according to some media reports, the deal is worth about Rs 9,500 crore.

    E-grocery has been one of the fastest-growing sectors in the consumer e-commerce space. Its growth has been further propelled by the country’s rising consumption and digital penetration, especially in the aftermath of the Covid-19 pandemic which led consumers to increasingly opt for safer deliveries of groceries at home.

    “We are extremely excited about our future as a part of Tata Group. As a part of the Tata ecosystem we would be able to build stronger consumer connect and accelerate our journey,” said Bigbasket CEO Hari Menon. Founded in 2011, the Bangalore-based company has now expanded its presence to over 25 cities.

    Meanwhile, the Tata Group is now building a digital consumer ecosystem addressing consumer needs across categories in a unified manner. Online food and grocery is an important part of this ecosystem. The acquisition presents an attractive opportunity for the group in its overall vision of creating a digital ecosystem, it said in a statement on Friday.

  • Amazon to reimagine, develop MGM titles: Jeff Bezos

    Amazon to reimagine, develop MGM titles: Jeff Bezos

    KOLKATA: It is a mega $8.45 billion deal that has helped Amazon build a bond with that awesome fictional British secret service agent James Bond. Eyebrows were raised, questioning the size of the amount that is being coughed up to acquire the famed Hollywood studio MGM. Outgoing CEO Jeff Bezos is, however, not letting these doubters perturb him; he is excited by the prospects of the deal.

    While speaking at the company’s annual general meeting Bezos once again explained that the decision was driven by MGM’s rich and deep catalogue, but even more exciting is the manner in which Amazon is looking at reimagining and developing the  IPs the studio has under its fold.

    Bezos pointed out that the acquisition theory is “very simple.” The studio has a vast, deep catalogue of much-loved intellectual property, he reminded. It’s also a win for people who love stories, he added.

    He highlighted that MGM’s library of more than 4,000 films and 17,000 TV shows, including iconic titles like James Bond, Thelma and Louise, Raging Bull, Robocop and Tomb Raider, The Handmaid’s Tale and Vikings, is very much coveted and valuable.

    “The only way to get above-average returns is to take risks and many won’t pay off. Our whole history as a company is about taking risks, many of which have failed and many of which will fail,” he elaborated.

    On Wednesday evening, the announcement finally came in that the e-commerce giant had decided to acquire the studio. “The real financial value behind this deal is the treasure trove of IPs in the deep catalogue that we plan to reimagine and develop together with MGM’s talented team,” Amazon Studios & Prime Video SVP Mike Hopkins said at the time of the announcement.

    Amazon has 200 million Prime members worldwide with access to its video service. Prime members who watch video have higher free trial conversion rates, higher renewal rates, and higher overall engagement.

     The company has been ramping up its spend on content, even on live sports, to stay competitive with the fare being churned out by  Netflix and  Disney and now with the merged Discovery+Warner Media juggernaut.

  • Sandeep Goyal to take over as the managing director of Rediffusion

    Sandeep Goyal to take over as the managing director of Rediffusion

    New Delhi: Advertising agency Rediffusion founders Diwan Arun Nanda and Ajit Balakrishnan on Monday announced their decision to step back from the day-to-day management of the ad agency.

    Mogae Media founder and chairman and industry veteran Sandeep Goyal, who served as president of Rediffusion  from 1997 to 2001, will take over as the managing director.

    The 48-year-old agency has been acquired by Goyal led Integrated marketing and communications agency Mogae Media which was set up in 2012. The deal also includes sibling agency Everest Brand Solutions.

    While Nanda will continue to mentor the agency and will stay on as chairman, Balakrishnan will step back from all day-to-day operations here. “He will focus his attention on Rediff.com, the technology world and public service and will be always available to Rediffusion for any guidance it may need going forward,” said the agency in a statement issued on Monday.

    One of the largest independent full service ad agencies, Rediffusion was set up in July, 1973 by Diwan Arun Nanda, Ajit Balkrishnan, and Mohammed Khan. In 1994, agency holding network WPP had acquired Rediffusion and merged it with US agency Young & Rubicam (Y&R) to form Rediffusion Y&R. In 2018, Nanda and Balakrishnan gained 100 per cent control of the agency to become an independent entity once again.

    Over the years, it has created some of India’s most iconic and memorable advertising for brands like Jenson & Nicholson, Eveready, Parle, Garden Vareli, Godfrey Phillips, Tata Tea, Lakmé, Telco (Tata Motors), Colgate Palmolive, Citibank and Maruti Suzuki.

    It was also credited for launching the brand Airtel in 1995. The agency currently works with Tata Sons, Parle, Tata Trusts, Tata Motors, State Bank of India, Liebherr, Larsen & Toubro, Brookfield, PGIM, Orra, Eveready, Dey’s Medical, Sulekha, Danone, Sun Pharma, Dr. Reddy’s, Audi India and many more.

    “Rediffusion has been known over the years for ‘advertising that became famous and part of the language and the culture of the people’, and helped brands build long term, and lasting equity with consumers”, said Rediffusion chairman Diwan Arun Nanda on Monday.

    ‘Whenever you see colour, think of us’ for Jenson & Nicholson was a path breaking campaign. So was ‘Hum Red & White peene walon ki baat hi kuchh aur hai’ for Red & White cigarettes, ‘Annu taazgi de de’ for Tata Tea, ‘Gimme Red!’ for Eveready and the recent ‘Isko laga dala, toh life jhingalala’ for Tata Sky. Rediffusion was also responsible for creating the cult ad film featuring AR Rahman, with the very memorable Airtel brand tune that has had the highest number of downloads in history.

  • Reliance acquires majority stake in UrbanLadder

    Reliance acquires majority stake in UrbanLadder

    New Delhi: Reliance Retail Ventures Ltd, a subsidiary of Reliance Industries continues with its acquisition streak. After acquiring stakes in NetMeds, Future Group and Flipkart, it has now taken a controlling stake in the popular furniture etailer UrbanLadder.

    RRVL has acquired 96 per cent equity holding in Urban Ladder Home Décor Solutions Pvt Ltd (Urban Ladder) against an investment of Rs 182.12 crore. RRVL has a further option of acquiring the balance stake, taking its shareholding to 100 per cent of the equity share capital of UrbanLadder.

    RRVL has proposed to make a further investment of up to Rs 75 crore, which is expected to be completed by December 2023.

    The acquisition further helps Reliance to expand its product portfolio and widen its offerings to the consumers. Some of these categories are apparel, electronics, white goods, groceries, medicines, furniture, and others. 

    “The aforesaid investment will further enable the group’s digital and new commerce initiatives and widen the bouquet of consumer products provided by the group, while enhancing user engagement and experience across its retail offerings.”

    UrbanLadder was one of the earliest entrants in online furniture retailing. It started operations in February 2012 and has been selling home furniture and décor products. It also has a chain of retail stores in several cities across India.

    As per a BSE listing, UrbanLadder’s audited turnover was Rs 434.00 crore, Rs 151.22 crore and Rs 50.61 crore, and Net Profit / (Loss) of Rs 49.41 crore, Rs (118.66) crore and Rs (457.97) crore in FY 2019, FY 2018 and FY 2017 respectively.

    The furniture retailer has created a big online community and strong recall. It has nearly 830k+ members on Facebook and 185k members on Instagram. It is also expected to have a strong pool of databases of consumers that will help Reliance new commerce initiatives in the long run.
     

  • Flipkart acquires 7.8% stake in Aditya Birla Fashion

    Flipkart acquires 7.8% stake in Aditya Birla Fashion

    New Delhi: Flipkart Group has acquired a 7.8 per cent stake in Aditya Birla Fashion and Retail (ABFRL) for Rs 1500 crore. ABFRL has approved the raising of Rs. 1500 crore by way of preferential issue to Flipkart Group. The equity capital will be raised at Rs 205 per share. The promoter and promoter group companies of ABFRL will hold about 55.13 per cent upon completion of the issuance.  

    This deal will strengthen the range of brands offered on Flipkart's e-commerce platforms, including Myntra, and further accelerate its prominence in the fashion segment. Flipkart’s technology prowess will enhance ABFRL’s omni-channel capabilities, enriching customer experiences while continuing to provide access to premium loyalty programs and affordability constructs.

    Flipkart Group CEO Kalyan Krishnamurthy said, “At the Flipkart Group, we are focused on building new partnerships that will help us meet the demands of the discerning Indian consumer who  seek quality and value. Through this transaction with ABFRL, we will work towards making available  a wide range of products for fashion-conscious consumers across different retail formats across the  country. We look forward to working with ABFRL and its well established and comprehensive  fashion and retail infrastructure as we address the promising opportunity of the apparel industry in India.” 

    Aditya Birla Group chairman Kumar Mangalam Birla said, “This partnership is an emphatic endorsement of the growth potential of India. It also reflects our strong conviction in the future of  the apparel industry in India, which is poised to touch $100bn in the next 5 years. Fashion retail in India is set for robust long-term growth due to strong fundamentals of a large and growing middle  class, favourable demographics, rising disposable incomes and aspiration for brands. Rapid growth of technology infrastructure will further accelerate this process. Over the years, we have shaped ABFRL into a strong platform to capture future growth opportunities in India. This partnership is a  critical component of that strategy.” 

    ABFRL plans to use this capital to strengthen its balance sheet and accelerate its growth trajectory.  The company plans to aggressively scale-up its existing businesses where it holds strong, market leading positions while increasing presence in emerging high-growth categories such as innerwear, athleisure, casualwear and ethnic wear, establishing these as the new engines of growth for the  company. 

    Furthermore, ABFRL will aggressively accelerate execution of its large-scale digital transformation  strategy that will deepen the consumer connect of its brands, expand reach of its diverse brand  portfolio, build strong omni-channel functionalities and augment its backend capabilities;  positioning it amongst the most comprehensive Omni-channel fashion players in the country.  

    On completion of this transaction, ABFRL would have successfully executed a capital raise of Rs. 2500 crore since 1 April 2020, despite the challenging macroeconomic conditions since the onset of Covid2019.