It’s official: 9.9 Mediaworx, the media company founded by former ABP MD & CEO Pramath Raj Sinha, and former ABP execs including Vikas Gupta, Kanak Ghosh, Asheesh Gupta and Anuradha Das Mathur, has received around $7.5 million from Helion Ventures and TVS Shriram Growth Fund. Sanjeev Aggarwal, MD of Helion, and Gopal Srinivasan, CMD of TVS Capital, will join the 9.9 Media Board.
According to the release, a group of angel investors including Rajat Gupta, former Global Managing Director of McKinsey & Company, had invested in 9.9 Mediaworx, but there’s nothing on whether they have exited or not. 9.9 Media had, last December, acquired Jasubhai Digital Media from the Jasubhai group in a no-cash, all stock deal.
When we had spoken to Sinha about 9.9 Media raising Rs. 33.97 crores in VC funding last month (the same deal), he had declined to comment on whether 9.9 Media will use the funds raised to buy out Jasubhai’s stake, saying that the company will use the money to invest in existing properties, bring in international publications, and launch more magazines. Our sources maintain that with this round of fund-raising, Jasubhai will exit.
More from our interview with Sinha, here.
VCCircle had followed up with a story, reporting that Helion and a group of NRI investors had picked up 49.25 percent stake. They are now postulating that with TVS also on board, a majority stake in 9.9 Media is held by its investors. Readers should bear in mind that this is as yet unconfirmed, and we’ve contacted 9.9 Media for a confirmation of this and the Jasubhai exit.
Update: We’ve just received an update from Pramath Raj Sinha, MD of 9.9 Mediaworx: he says that reports on the amount of divestment are not accurate. “Obviously, I cannot share shareholding, but we (founders) are clearly in majority.” He declined to comment on the Jasubhai exit.