The consolidation of digital agencies in India continues: Mumbai-based digital and social media agency Gozoop has acquired yet another Mumbai-based social media agency Red Digital. While the acquisition price has not been disclosed, an ET report pegs the price at around Rs 7 crore. Update: Gozoop co-founder and Managing Director (India) Ahmed Aftab Naqvi has told Medianama that this number is incorrect, however he refused to disclose the acquisition price. While the terms of the acquisition were not disclosed, Gozoop informed that this acquisition will allow them to expand to cities like Delhi, Bangalore, Chennai and Kolkata, along with its existing presence in Mumbai, Dubai and Singapore. Post the acquisition, all the Red Digital clients and employees will now be consolidated under the Gozoop brand. Gozoop informs that this acquisition is in line with its strategy to increase the revenue contribution from its Indian operations. The company currently generates a major chunk (around 65%) of its revenues from its International operations in UAE & Singapore, while its Indian operations currently account for around 25% of its total revenues. Through this acquisition, it hopes to increase the India contribution to 50%. The company however hasn't disclosed any specific information on its current revenues. Gozoop currently offers end to end digital solutions like social media marketing, online reputation management and mobile website and app development (iOS & BlackBerry) among others. It also has a social loyalty & analytics service called Zozolo, through which it offers products like Zozolo social loyalty, Zozolo social commerce and Zozolo social analytics. The company recently expanded…
