Reliance Industries arm has acquired substantial stake in media startup New Emerging World of Journalism (NEWJ) with an preliminary funding of Rs 10.three million.
“As initial tranche, RIIHL (Reliance Industrial Investments and Holdings Limited) has subscribed to 30,000 equity shares and 125 compulsory convertible debentures for total cash aggregating to Rs 10.3 million and consequently NEWJ has become subsidiary of RIIHL and the company,” RIL mentioned in a late regulatory submitting on Tuesday.
NEWJ is a tech-media startup centered on curating and producing video content material for the smartphone-obsessed younger Indians.
According to sources, RIIHL has acquired majority stake in NEWJ.
“The recent exponential growth of the video content market provides a huge opportunity for innovative visual storytelling in India. The company intends to fill this demand for quality content in the social and digital media space. The venture was founded by a team of young entrepreneurs led by Shalabh Upadhyay,” RIL mentioned.
“Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.”