Info Edge (India) Ltd to invest in Rusk Media

IE Venture Fund I has entered into an agreement to invest about Rs. 3.5 Crore in Rusk Media Private Limited ("Rusk Media"). The IE Venture Fund I has agreed to acquire 2,779 - 0.01% Seed Series Compulsorily Convertible Preference Shares having Face value of Rs. 10/- each. The aggregate shareholding of IE Venture Fund I, post this investment, in Rusk Media would be 10% on a fully converted & diluted basis.

Rusk Media is engaged in the business to carry on the production of digital content across genres like fiction, music, lifestyle, technology, amongst other things and distribution of such content across multiple platforms, brands and fields. It is also engaged in monetization of the content through brand sponsorship in lieu of product placement/product integration which helps the brands in reaching young audience who are active on the internet platforms for their content consumption. Rusk Media is also in the business of working with external creators to create content on a contractual basis, the same content to be monetized by creating branded content with the same creators. It is also in the business of creating original content for over-the-top (OTT) platforms to generate revenue from either from the OTT platforms or from the viewers directly.

The said investment would help IE Venture Fund I to support and grow Rusk Media business in India.

Shares of INFO EDGE (INDIA) LTD. was last trading in BSE at Rs.2960.4 as compared to the previous close of Rs. 2770.6. The total number of shares traded during the day was 39440 in over 5436 trades.

The stock hit an intraday high of Rs. 2986.2 and intraday low of 2732.9. The net turnover during the day was Rs. 115195119.

Source : Equity Bulls

Keywords