Campaign India Team
Nov 16, 2022

Mirchi acquires a stake in Spardha

The association marks ENIL’s first external investment

Mirchi acquires a stake in Spardha
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.”
 
Source:
Campaign India

Follow us

Top news, insights and analysis every weekday

Sign up for Campaign Bulletins

Related Articles

Just Published

1 day ago

Netflix announces ad tier milestone and adtech platform

The streaming platform’s ad-supported plan reaches 40 million global monthly active users and drives 40% of all signups in the 12 countries where it’s available.

1 day ago

Whisper unveils new phase of #KeepGirlsInSchool to ...

The latest poignant film seeks to normalise periods as healthy changes, empowering young girls to reshape their narratives around puberty.

1 day ago

Group M broadens remit of Wavemaker global chief ...

Jenner will remain as Wavemaker global chief executive.

1 day ago

Samsung's LTE Galaxy Watch6 campaign unlocks ...

The brand's latest film highlights the integration of LTE into consumers' lives, positioning the watch as a reliable digital companion.