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ACK Media Raises Funding From Future Ventures, Elephant Capital; Plans Amusement Park

ACK Media, the company that owns the mythological content business Amar Chitra Katha, along with other children focussed ventures, has raised Rs 37 crore from Future Ventures for a 26% stake in the company, reports Financial Chronicle. Existing investor, Elephant Capital also participated in the funding round and has issued a statement confirming that it has made a follow on investment of Rs 6.5 crore (GBP 0.9 million) in addition to Rs 97.8 lakh (GBP 135,000) from its co-investment vehicle. Elephant Capital's stake in the company now stands at 26.1%. Last year, there were reports indicating that the Future Group was eying a 40% stake in ACK Media and planning to set up a theme park modeled on Disneyland. ACK Media COO Ashish Goel had told MediaNama that the company has plans to raise over Rs. 100 crore. They also acquired India Book House, which was apparently profitable for the quarter ended 30th June 2010, according a statement Elephant Capital in it's preliminary results for the 31st August 2010. This will be the second round of funding for ACK Media. The company had previously raised around Rs 27.4 crore (GBP 4 million) from Elephant Capital through its subsidiary and co-investment vehicles, in June 2010 for a minority stake sale.This amount also included a personal investment of  Rs 2.17 crore  (GBP 0.3 million) from Elephant Capital's Managing Partner, Gaurav Burman. With the funding, Elephant Capital had acquired an equity stake of 25.50% in ACK. Recent Developments at ACK Media According to Elephant Capital's Quarterly Newsletter, the…

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