Delhi-based private equity fund TIW Private Equity has acquired 60% stake in Mumbai-based digital management platform Digital Refresh Networks (formerly Digital F5) for $6 million.
The deal will help Digital Refresh bolster its core services and acquisition operations, according to a statement from the startup.
The startup also plans to utilise the proceeds to strengthen content creation, the statement added.
Digital Refresh Networks undertakes marketing operations for brands in the online, mobile and social media spaces. It leverages mediums such as audio-video packages, communication applications and customised digital solutions for clients’ marketing needs.
The startup has worked on marketing campaigns for automobile maker BMW, watchmaker Victorinox and sports channel Star Sports.
The Mumbai-based startup also provides services such as search engine optimisation (SEO), social media marketing and website development.
Digital Refresh Networks was founded in 2011 by former Hungama executive Ravi Dubey and former brand manager at Mahindra & Mahindra Barin Mukherjee.
“The team has demonstrated capability in developing new products and services that will aid in driving growth for the company in the quarters ahead. We also believe that the macro for digital consumption, driven by higher internet adoption and evolving consumer behaviour, is fairly solid. Significant value can be unlocked in this space by focusing on cost efficiencies around operating processes and through acquisitions,” said Mohit Ralhan, managing partner and chief investment officer, TIW Private Equity.
TIW Private Equity focuses on sectors such as fast-moving consumer goods, financial services, software and healthcare. Its portfolio includes startups such as design management platform Arth Design Build, logistics platform Plovio Value Chain Solutions and chemical testing platform Sanray Labs.
Digital marketing solutions platforms have been steadily gaining a foothold in the Indian market.
Last year, digital marketing firm PivotRoots, also based in Mumbai, raised an undisclosed amount in its Series A round led by advisory firm KCP Capital.