The Indian firm, TIW Private Equity has bought a majority share in Mumbai-headquartered firm, Digital Refresh Networks Pvt. Ltd. The acquisition sum was INR 43.2 crore, according to a media report.
The company will use the funds to boost its expertise in content creation, the daily news, VC Circle reported citing Digital Refresh Networks statement.
The investment will also help the company in the overall growth and sustenance of its margins, Co-founder and CEO at Digital Refresh Networks, Barin Mukherjee told the daily news.
The digital company, formerly named Digital F5, was established by Ravi Dubey and Barin Mukherjee in 2011. Before founding Digital Refresh, both the co-founders worked with entertainment firm, Hungama.
The digital marketing company deals in interaction management, content creation, social platforms, customised digital product solutions, and e-commerce services, etc.
Significant value can be unlocked in this space by focusing on cost efficiencies around operating processes and through acquisitions, Managing Partner and CIO at TIW Private Equity, Mohit Ralhan told the daily news.
TIW Private Equity invests across sectors including FMCG, media, education, digital platforms, financial services, real estate, and manufacturing consumption, VC Circle reported citing the companys statement.
Earlier in 2019, daily news reported that TIW Private Equity was about to close its debut fund and was planning to raise another $100 million fund.