Media group Hindustan Media Ventures Limited (HMVL) has invested Rs 4 crore (around $572,392 at current exchange rates) in media and entertainment company Aleph Digital Solutions Pvt. Ltd, it said in a stock exchange filing.
HMVL will invest in the firm in two tranches of Rs 2 crore and will pick up a 14.25% equity stake in Aleph after completing the first round of investment.
It will complete the second tranche before 31 March 2020.
“The investment would offer an opportunity to build key propositions in news gathering and news aggregation in an asset-light model, with relatively low outlay and risk,” said Hindustan Media Ventures.
Founded in November 2017, Aleph Digital operates Pebble, a hyper-local content marketplace and Local Heading, a vernacular news website called.
HMVL is part of HT Media Limited, which publishes the Hindustan Times and Mint newspapers.
Deals in the space:
- In January, HT Media invested $3.6 million (approximately Rs 25.4 crore then) in Digiperform, led by Digital Performance Media Private Limited, which offers digital skills-building courses for a variety of professionals.
- In March 2018, technology news website FactorDaily raised Rs 5.7 crore (approximately $ 875,000 then) in funding from Freshworks Inc. promoter Girish Mathrubootham and One97 Communications Limited Chief Executive Officer Vijay Shekhar Sharma.
- News portal The Print raised Rs 3.49 crore (approximately $535,000 then) in the same month from Tata Sons Chairman Emeritus Ratan Tata.