French international influencer marketing agency YKONE has bought a controlling stake in Indian content and influencer marketing agency Barcode Entertainment to foray into the Indian market, top executives of both firms told ET.
YKONE has bought a 70% stake in the Mumbai-based Barcode for an estimated valuation of $18-20 million. The two companies refused to confirm the value of the transaction, which is one of the biggest in the fledgling influencer marketing industry that is pegged at Rs 1,200 crore.
Paris-headquartered YKONE has paid cash to acquire the 70% stake and intends to buy out the remaining 30% stake through an equity swap. Rahul Khanna, CEO of Barcode, will become a board member of YKONE.
Olivier Billon, founder and CEO of YKONE, said the company is eyeing a turnover of close to $100 million in 2024 due to the acquisition of Barcode.
“Barcode is expected to contribute $20 million to the overall revenue. It will help us become the top influencer marketing agency globally,” he added.
Khanna said this is the largest transaction in the influencer marketing space in India. “Our partnership with YKONE will help us build our technology capabilities through Campaign, which is an end-to-end influencer marketing automation platform. It will also give us international exposure,” he said.
He also said that brands are looking at specialised agencies like Barcode considering the amount of ad money that is shifting to influencer-led marketing campaigns.
Barcode is a specialised influencer marketing agency with over 150 employees. Founded in 2019, the company has executed 40,000 brand collaborations and partnerships with a network of 350,000 influencers.
YKONE, which achieved revenues of $84 million in 2023, has over 300 employees worldwide in major cities across Europe, the Middle East, Asia and the US.
