By Our Staff
Entertainment Network India Ltd (ENIL), a subsidiary of The Times Group, has acquired a significant minority stake in Spardha – a music e-learning startup. This is to beef up Mirchi’s own digital transformation as a mobile-first entertainment brand.
Commenting on this investment, Yatish Mehrishi, CEO, ENIL, said: “Over the past two decades, Mirchi has become synonymous with best-in-class music and entertainment. Even as we transform into a mobile-first entertainment brand and are busy building out our Mirchi Plus app engine, we are keen to explore a number of new areas. We can build those in-house, or we can invest outside. E-learning was one such space, that we were interested in building from a D2C standpoint, but it was best that we invest in a sector leader like Spardha, rather than build inside ENIL.”
Added Saurabh Srivastav, founder director and CEO of Spardha: “I feel thrilled about this new partnership with ENIL. We at Spardha strongly believe that there are multiple opportunities where Spardha & Mirchi can collaborate in the common interest of helping Spardha grow faster & improve its brand visibility in the market. Mirchi has a strong presence in many international markets where Spardha is focusing on for the next level of growth. Mirchi’s strong presence in these markets will help Spardha optimize its branding & marketing strategies to penetrate deeper into those international markets at a faster pace. Spardha looks to gain from Mirchi’s prowess in building strong consumer facing brands, its deep engagement with the film & music industry as well as its ad-revenue and B2B sales ecosystem.