[Funding alert] Buyout fund TIW Private Equity acquires majority stake in Digital Refresh Networks for $6M
Indian buyout fund TIW Private Equity that focuses on consumption-driven sectors, has acquired a majority stake in Mumbai-based digital platform management firm Digital Refresh Networks Pvt Ltd for $6 million.
The company plans to utilise the proceeds from the investment to strengthen its expertise in content creation and for acquisitions.
Mohit Ralhan, Managing Partner and Chief Investment Officer, TIW Private Equity, said,
“Digital Refresh Networks has been able to acquire and retain quite a few marquee clients, which gives us a lot of confidence as far as business sustenance goes. We 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.”
Digital Refresh Networks (formerly Digital F5) was founded in 2011 by Ravi Dubey and Barin Mukherjee. The digital marketing firm enables delivery of brand objectives on the web, mobile and social media through communication and commerce applications, audio-video elements, and customised digital solutions.
Ravi Dubey, Co-founder and Executive Director, Digital Refresh Networks, said,
“Our vision is to build a digital-first communication and commerce company which provides better ROI for brands across all platforms. We intend to immediately acquire full-service capabilities in digital content creation, and build competencies in platform and market-place management.”
TIW Private Equity is a sector agnostic fund, and has investments in sectors across FMCG, media, education, digital platforms, financial services, real estate and manufacturing consumption, through multiple funds. It also helps entrepreneurs improve their companies’ margin profiles.
This May, another Mumbai's social media marketing startup, @ [pronounced ‘AT’], also secured $330,000 through a consortium of marquee angel investors including Anupam Mittal (Founder of shaadi.com, makaan.com & Mauj Mobile), Dharti Desai (Founder and CEO of Finewinesandmore.com), and existing investor Hardik Zaveri (Founder and Director, 8finity Global).
(Edited by Evelyn Ratnakumar)