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9.9 Media To Raise $7.31 Million In VC Funding; Jasubhai May Exit

Nine Dot Nine Mediaworx (9.9 Media), the company which acquired Jasubhai Digital Media, has raised Rs. 33.97 Crores (around $7.31 million at the current rate) in Venture Capital investment, MediaNama has learned. Dr. Pramath Raj Sinha, Founder and MD of 9.9 Media has confirmed to MediaNama that they are raising around $7.31 Million in funding, but has declined to name the investor. 9.9 Media has received an approval for the same amount in FDI from FIPB. 9.9 Media had acquired Jasubhai Digital Media in December last year - a 100 percent, all stock deal, with the Jasubhai Group getting stake in 9.9 Digital Media. The group owns digital properties like Digit, SKOAR and events like Industry 2.0 and the CTO Forum. Sinha declined to confirm or deny whether the money will be used to buy out Jasubhai's stake in the venture, only saying that it "May happen". Plans: Sinha said that the money will be invested in existing properties - as well as bringing in international publications. Remember that 9.9 Media had mentioned last year that they'll be bringing a foreign magazine to India. 9.9 Media also plans to launch a few more magazines in the coming months. More on what the company has been working on, since acquiring Jasubhai Digital - Getting Back Into Shape: Over the past eight-nine months, since the Jasubhai deal, 9.9 Media has focused on rebuilding the acquired company: they've beefed up the editorial team, bringing in Edward Henning from c't Magazine as the Editor-in-Chief…

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