Mukesh Ambani-owned Reliance Industries Limited (RIL) has invested Rs 1.03 crore (round $150,000) as a part of the primary tranche in to-be-launched Mumbai-based startup New Emerging World of Journalism Pvt. Ltd, it stated in a stock-exchange disclosure.
RIL subscribed 30,000 fairness shares and 125 obligatory convertible debentures in lieu of the funding quantity. It made the funding by way of its wholly-owned subsidiary Reliance Industrial Investments and Holdings Limited, the submitting acknowledged.
The deal makes NEWJ a subsidiary of RIL.
“The investment has potential synergies with digital services and communications initiatives of the Company (RIL) and its subsidiaries,” RIL stated within the disclosure.
Incorporated in January 2018 by Shalabh Upadhyay, the news enterprise will produce and curate content material for the rising social and digital media ecosystem. It will even develop data-enabled expertise merchandise which shall be built-in with reporting and distribution, the RIL submitting stated.
The startup is but to formally launch operations.
Upadhyay holds a grasp’s diploma in journalism from Columbia University and beforehand served because the senior video strategist and lead for the India operations of New York-headquartered content material Technology platform, Now This. Prior to that, he has labored with The Players Tribune, Buytopia.ca and Observer Research Foundation, his LinkedIn profile exhibits.
Deals within the house
Quite a lot of ventures within the bigger media and leisure house have just lately raised funding.
Earlier this week, media experiences acknowledged that native language news aggregator Dailyhunt has hit the market to boost as much as $100 million from new and present traders.
In August, MissMalini Entertainment Pvt. Ltd, which runs an eponymous way of life and leisure content material web site, raised Rs 10.four crore (round $1.four million then) in a pre-Series A spherical of funding from enterprise capital corporations Orios Venture Partners and New Enterprise Associates (NEA).
In July, The Ken, a subscription-based on-line news platform, raised $1.5 million (round Rs 10 crore) in a Series A funding spherical led by impression investor Omidyar Network.
In March, Shekhar Gupta-owned news portal The Print raised Rs 3.49 crore (round $5,35,000) as a part of an prolonged seed spherical from present investor Ratan Tata, chairman emeritus of Tata Sons.
In the identical month, Bengaluru-based expertise news portal FactorDaily secured Rs 5.7 crore ($875,000) in a contemporary funding spherical from Freshworks promoter Girish Mathrubootham and present investor Paytm founder Vijay Shekhar Sharma.