Saregama acquires 51.8% of Pocket Aces for INR 174 crores

Saregama has announced the acquisition of a majority 51.8% stake in Pocket Aces Pictures for INR 174 crores. 

 

The music label aims to further acquire another 41% stake in the next 15 months at pre-agreed multiples. The transaction is an all-cash deal.

 

This acquisition will strengthen Saregama’s strategic ambition to take leadership position in new music across all Indian languages.

 

Pocket Aces’ Revenue from operations was INR 104 cr in FY23. This revenue has grown by 34% CAGR over the last four years. 

 

Acquiring Pocket Aces will add on a whole new dimension of IP and a distribution network of over 95 million followers, which Saregama aspires to further leverage by popularising its music library among the 18-35 audience segment. 

 

The music label will also create synergies across music artists, influencer management and long-format video creation businesses of the two companies.

 

Avarna Jain, vice chairperson, Saregama, said, "This acquisition signifies the confluence of tradition and innovation. While we have always been leaders in the realm of music and media, this partnership with Pocket Aces will add new dimensions to our business as we tap into the burgeoning young digital audiences."