Mirchi acquires a stake in Spardha
The association marks ENIL’s first external investment
Nov 16, 2022 10:36:00 AM | Article | Campaign India Team
Mirchi, part of Entertainment Network India (ENIL), has acquired a minority stake in music e-learning startup, Spardha.
With this move, the company aims to build shareholder value in the long term, and also beef up Mirchi’s digital transformation as a mobile-first entertainment brand.
Spardha was founded in 2020 and caters to individuals with specific learning demands, aiming to reinvent the music learning space by addressing problems in music education.
The association marks ENIL’s first external 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.
Saurabh Srivastav, founder director and CEO, Spardha, said, “I feel thrilled about this new partnership with ENIL. We at Spardha strongly believe that there are multiple opportunities where Spardha and Mirchi can collaborate in the common interest of helping Spardha grow faster and 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."
He added, "Mirchi’s strong presence in these markets will help Spardha optimise its branding and 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 and music industry as well as its ad-revenue and B2B sales ecosystem. On behalf of Team Spardha, I would like to thank ENIL management for their investment in Spardha. Looking forward to an exciting and successful partnership with Mirchi.”