Rakhshin Patel, managing director of M&C Saatchi Direct & Digital and Sumantra Sengupta, CEO of M&C Saatchi Direct & Digital have increased their stake in the agency to gain majority stake. The agency has been re-branded as Pi Communications and will be based in Mumbai.
M&C Saatchi's India operations will now run only in Delhi, through its agency M&C Saatchi February, which was acquired in August last year.
Chris Jaques, CEO Asia, M&C Saatchi said, “We encourage entrepreneurs and are happy to partner in their success. Given Rakhshin and Sumantra’s efforts in building a formidable and reputable company we offered them a controlling stake in their own company. Over the years, they have built a solid foundation for the agency with long-term client relationships and over 25 awards in just the last three years. The company is now theirs to own, manage and steer to even greater success, leaving us to focus on our advertising business based out of Delhi.”
While the name and the ownership changes, the operations of the company will continue as before, with Pi Communications retaining its clients such as Aditya Birla Financial Services Group, Future Group, IL&FS, Kotak, Mahindra Holidays and One Assist amongst others.
Patel said, "We currently have a majority stake in the agency. We plan to increase that to gain full ownership in the next few months. Despite the change, what remains constant is our commitment, our passion and our ambition. Whether minority or majority shareholding, we always managed the company like it was our very own. Now is the time for us to reap the rewards of our hard work.”
Sumantra Sengupta, CEO, Pi Communications added, “Pi stands for Profitable Interactions. Pi is also a constant. Pi communications is the constant when applied to client objectives, ignites a complete circle of solutions that delivers profitable interactions.”