28 Nov 2018 15:12 IST

RIL arms acquires stake in media start-up NEWJ

NEWJ is a tech-media start-up focused on curating and producing video content

Reliance Industries arm has acquired substantial stake in media start-up New Emerging World of Journalism (NEWJ) with an initial investment of ₹10.3 million. “As initial tranche, RIIHL (Reliance Industrial Investments and Holdings Limited) has subscribed to 30,000 equity shares and 125 compulsory convertible debentures for total cash aggregating to ₹10.3 million and consequently NEWJ has become subsidiary of RIIHL and the company,” RIL said in a late regulatory filing on Tuesday.

NEWJ is a tech-media start-up focused on curating and producing video content for the smartphone-obsessed young Indians.

According to sources, RIIHL has acquired majority stake in NEWJ.

“The recent exponential growth of the video content market provides a huge opportunity for innovative visual storytelling in India. The company intends to fill this demand for quality content in the social and digital media space. The venture was founded by a team of young entrepreneurs led by Shalabh Upadhyay,” RIL said.

NEWJ will harness this synergy with a data-driven and tech-focused approach in creating a distributed content model, it said.

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