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News Corp buys VCCircle

News Corp has acquired specialty media business VCCircle for an undisclosed amount, the company has announced. VCCircle two online news publications - VCCircle.com and Techcircle.in - and monetizes largely through events such as conferences and training workshops. They also have a subscription based data platform called VCCEdge. The company, Mosaic Media Ventures, has 100 employees (12 in editorial team, 13 in sales), and is headquartered in Noida. The deal is expected to close in March 2015. Sahad PV, founder and CEO of the company, will join News Corp as a part of its India team, and report to Raju Narisetti, SVP (Strategy) at News Corp, who, from what we gather, led the deal. For the year ended 31st March 2014, the company reported a loss after tax of around Rs 94.91 lakhs, up from a loss of Rs 51.36 lakhs in FY13. The company reported current assets of Rs 3,11,68,348 for FY14. We couldn’t find topline numbers for FY14, FY13 and FY12 (no P&L appears to have been submitted to the RoC), but in FY11, the company reported revenues of Rs 3.82 crore, and a profit of Rs 17.75 lakh. This was before it began its subscriptions business. VCCEdge was launched in 2009. According to filings with the Registrar of Companies, Mosaic Media Ventures had raised Rs 1.48 crore in FY12 from 9 investors, including Gulu Mirchandani, Gopal Srinivasan, Shantanu Surpure, Arun Duggal, Suresh Shanmugham, Ashit Ranjit Lilani, Suresh Raju, Siddharth Mehta, and Essay Commercial Services (which put in Rs 50…

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Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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