RP-Sanjiv Goenka Group acquires 51 pc stake in video news app Editorji
The RP-Sanjiv Goenka Group on Wednesday said it has acquired a majority stake in video-based news app Editorji Technologies Pvt Ltd, a move that marks its foray into the digital news media space.
RP-Sanjiv Goenka (RPSG) Group has acquired 51 percent stake through a combination of primary and secondary transaction in Editorji Technologies, started by former Chief Executive Officer of NDTV Ltd Vikram Chandra, said a statement.
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However, the group did not disclose the financial details of the transaction.
"I am delighted with the transaction as this investment marks our foray into digital news media space. I believe Editorji is a promising platform to build significant digital media business," RPSG Group Chairman Sanjiv Goenka said.
The $6 billion RP-Sanjiv Goenka Group, sees India as an untapped media market.
Earlier this month, the RPSG Group had bagged the publishing rights for the global business magazine Fortune for the Indian market.
"As part of the RPSG Group, and with strong existing investors like Airtel and HT, Editorji is well-positioned to take advantage of the ongoing digital revolution," Editorji's Managing Director, Vikram Chandra said.
Launched in 2018 , Editorji is a digital news player, primarily in current affairs news content.
It delivers news in two languages English and Hindi and across three formats of video, audio, and text formats. One of the key features of the Editorji platform is its ability to generate personalised AI-driven news and information playlists.
RPSG's businesses include power and energy, carbon black manufacturing, retail, IT-enabled services, FMCG, media and entertainment, and agriculture.
In another initiative this month, Hyderbad-based ecommerce startup IncNut Digital raised $4 million in its Series A round led by RP-Sanjiv Goenka Group backed early-stage consumer centric venture capital fund, RPSG Ventures.
The startup said the freshly raised funds will be used to strengthen and expand the Research and Developments labs. Additionally, the company would use the funds to improve the overall infrastructure and Artificial Intelligence-driven data technology of its personalised beauty care brands — SkinKraft and Vedix.
(Disclaimer: Additional background information has been added to this PTI copy for context)