Reliance invests $1.73 mn more in digital media subsidiary NEWJ

Reliance invests $1.73 mn more in digital media subsidiary NEWJ
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Mukesh Ambani-owned Reliance Industries (RIL) has invested another $1.73 million in its digital media subsidiary New Emerging World of Journalism (NEWJ).

RIL made the investment in two tranches between February ($1.03 million) and August ($698, 350) this year, according to the Registrar of Companies filings by NEWJ. 

The investment was made through Reliance Industrial Investments & Holdings (RIIH), a wholly-owned subsidiary of RIL and also the holding company of NEWJ.

Email queries sent to Shalabh Upadhyay, co-founder of  NEWJ, seeking more information on the development did not elicit a response at the time of filing the report.

In November last year, RIL had made its maiden infusion of around $150,000 in NEWJ, which was yet to be launched at that time. 

At the time of the announcement, Reliance had said the investment had potential synergies with the digital services and communications initiatives of the company and its subsidiaries.

NEWJ

Incorporated in January 2018 by Shalabh Upadhyay and Deeksha Upadhyay, the news venture produces and curates content for emerging social and digital media ecosystem. It also develops data-enabled technology products, which will be integrated with reporting and distribution.

While NEWJ does not appear to have a dedicated platform that disseminates the content, it has accounts on social media platforms like Facebook, Twitter, Instagram, Whatsapp and Youtube where it offers its news content. Users can also subscribe to its newsletter on its desktop website.

Recent deals in the digital media and content space

DailyHunt, the local language content and news aggregation platform, raised $2.98 million from Goldman Sachs as part of a larger ongoing funding round. 

Bengaluru-based artificial intelligence (AI)-driven content startup Instoried raised $500,000 in a seed round from incubator and accelerator platform Venture Catalysts.

Mumbai-based digital media & entertainment company Pocket Aces raised about $14.5 million from venture capital firms Sequoia Capital India, DSP Group, 3one4 Capital, and others.

Mumbai-based multimedia content firm Agrahyah Technologies raised $1 million in a pre-Series A funding round from a clutch of undisclosed investors.

Homescreen Network, a multilingual media production startup, raised $2 million in Series A funding from venture capital firm Saama Capital.

On-demand vernacular audio content platform Aawaz partnered with Indus OS (formerly Firstouch), an India-based mobile operating system for first-time Internet users in the country, to make its Hindi content app available on the latter’s app store AppBazaar.

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