Madison Media folds HiveMinds fully into its playbook

When Madison Media first picked up a majority stake in HiveMinds in 2017, it was an early acknowledgement that performance marketing was moving from the fringes to the centre of India’s digital economy. Eight years on, the group has completed its full acquisition of the Bengaluru-based agency, signalling that what began as a hedge is now a core part of Madison’s future-ready model. 

As part of the transition, Deepti Bhadauria—who has spent the last five years as chief strategy officer—takes over as HiveMinds’ chief executive officer. Founder Jyothirmayee JT steps into an advisory role, while Bhadauria now reports to Ajit Varghese, Madison Media’s newly appointed partner and group CEO. 

The deal comes at a time when performance agencies face intense headwinds. India’s digital marketing ecosystem is crowded, competition is driving down prices, and agencies are under pressure to prove value in a landscape where attribution remains messy and talent scarce.

Against this backdrop, Madison’s decision to fold HiveMinds more tightly into its structure raises questions about how the agency plans to scale without being pulled into the cycle of commoditisation. 

“Full integration with Madison Media marks a pivotal evolutionary leap for HiveMinds,” Bhadauria told Campaign in an exclusive interaction. “Strategically, it empowers us to deliver truly end-to-end solutions—merging digital-first branding with advanced martech and performance capabilities. This alignment strengthens our service ecosystem and positions us to deliver even greater creativity, precision, and business impact for our clients.” 

Ajit Varghese echoed the point: “Hiveminds has been a remarkable growth story, scaling more than tenfold since our initial partnership in 2017. With this full acquisition, Madison is uniquely positioned to offer clients an integrated model that brings together brand building and performance marketing. In today’s market, brand and performance are no longer separate conversations—they are one.” 

From part-ownership to full control 

For Madison, the acquisition fits into a broader play to straddle the full funnel—from awareness to conversion—an approach it believes will differentiate it from specialists fighting on price alone. 

HiveMinds’ trajectory under Madison’s wing is often cited as proof of the synergy. The agency claims a 12x revenue jump since 2017, serving more than 100 clients across e-commerce, retail and consumer goods. Bhadauria attributes this to Madison’s scale and legacy. 

Looking back over the past eight years, she called the revenue growth “as much a story of personal evolution as it is of business success” and credited Sam Balsara and Vikram Sakhuja as “more than mentors” who believed in HiveMinds’ digital-first approach from the outset. “Their unwavering trust gave us the runway to develop our proprietary tools, and emerge as performance marketing leaders,” she said. 

HiveMinds is targeting “strong double-digit growth this fiscal year,” Bhadauria added, driven by e-commerce, retail media and closer integration with Madison. 

Differentiating in a commoditised market 

The crowded state of performance marketing makes sustaining growth more difficult. Agencies compete with global networks and nimble independents alike, with price pressure eroding margins. 

“In a fiercely competitive performance marketing ecosystem, we stand apart through innovation, precision, and proprietary technology. We're not just competing on price—we’re creating value with tools and insights that deliver measurable impact and optimise efficiency,” Bhadauria insisted. 

Among HiveMinds’ in-house products are FeedX, for catalogue management, Vizual for visual insights, OptiMMMix for media mix optimisation, and BidSmart for real-time bidding. These tools, she argued, enable automation and efficiency, boosting ROI across campaigns. Case studies such as Oben Electric, where HiveMinds used its data-led approach to sharpen outcomes, illustrate this positioning. 

Only those agencies able to link efficiency with tangible business impact, rather than volume of impressions, will be able to defend their margins in what is becoming an increasingly commoditised buy-sell equation. 

Tackling the talent bottleneck 

If price pressure is one challenge, talent scarcity is another. High churn, steep salary inflation, and a growing need for martech and data specialists leave most agencies stretched. 

“At HiveMinds, our greatest advantage lies in the talent we nurture—many leaders within the company began their journey as interns, underscoring our belief in growing from within,” said Bhadauria. 

The agency has invested in a dedicated learning and development team, alongside the HiveMinds School of Digital. The eight-week bootcamp offers an AI-integrated curriculum, real-world projects and placement support. Multiple batches have already gone through the programme. “This focused academy, combined with our culture of mentorship and collaboration, enables us to sustain growth, reduce attrition, and continue scaling with purpose and resilience,” she said. 

This approach underlines a bigger shift in agencies’ thinking: treating talent as a renewable, homegrown resource rather than a poachable commodity. 

Charting the roadmap ahead 

Looking ahead, HiveMinds plans to double down on proprietary technology to automate routine tasks, freeing teams for strategy and impact. Bhadauria said: “We’ll double down on proprietary technology that automates routine tasks, enabling our teams to dedicate energy to strategic thinking and delivering deeper impact.” 

The agency will also continue to build its E-commerce Conclave, now in its third edition. The event has become a platform for retail media insights and a positioning tool for HiveMinds within India’s fast-growing commerce ecosystem. Integration with Madison, Bhadauria argued, will give clients “enhanced martech stack” support, while the talent-first model ensures delivery at scale. 

Globally, agencies are contending with tightening data privacy rules, persistent ad fraud and constant platform algorithm changes. In India, clients are scrutinising spends closely, even as e-commerce expands. Performance marketing has moved from being a differentiator to an expectation, making it harder for agencies to stand apart. 

Madison’s wager is that owning HiveMinds outright will allow it to integrate performance with brand work seamlessly. Whether that bet pays off in a market defined by price erosion and talent churn is far from guaranteed. 

Transition and symbolism 

For founder Jyothirmayee JT, stepping back from day-to-day leadership while remaining an advisor, the deal is as much symbolic as it is structural. “It's been my greatest privilege as a founder to build HiveMinds from a bootstrapped startup into a digital marketing powerhouse,” she said. “I am filled with immense pride and confidence as I hand over the reins, and I'm excited to see [Deepti] take our collective vision and passion to new heights.” 

Sam Balsara, chairman of Madison World, added: “I am immensely proud of what HiveMinds has been able to achieve in the last eight years and the unique position it holds in the industry. I can see HiveMinds grow from strength to strength in the coming years.” 

Optimism aside, the real test will be whether HiveMinds can hold onto the agility that helped it thrive in the first place, now that it sits fully inside a legacy framework. 

Madison’s 100% acquisition of HiveMinds marks both an end and a beginning. For HiveMinds, it closes the chapter of partial independence. For Madison, it signals a sharpened bet that performance will remain a central lever of growth. 

As Bhadauria takes charge, the questions loom large: can HiveMinds scale without sliding into commoditisation, build a resilient talent pipeline, and ensure its proprietary tools deliver genuine differentiation? In a sector shaped by relentless competition and constant algorithmic shifts, those will matter far more than the symbolism of ownership.