Indian buyout firm TIW Private Equity has acquired a majority stake in Mumbai-based digital marketing firm Digital Refresh Networks (formerly Digital F5) for $6 million or about Rs 40 crore.
The cash-and-stock deal for a 60% stake at present will give Digital Refresh Networks bandwidth to strengthen core services and for acquisitions.
Mohit Ralhan, managing partner and chief investment officer at TIW Private Equity, said his company is sector agnostic and looks at opportunities which are return on equity (ROE) positive.
“Digital Refresh Networks has a highly capable team and the company has been able to acquire and retain quite a few marquee clients, which gives us a lot of confidence as far as business sustenance goes. It is growing fast and on the path to profitability this year,” Ralhan told ET.
Digital Refresh Networks was founded in 2011 in Mumbai by Ravi Dubey and Barin Mukherjee. The company offers end-to-end solutions in the space of communication and commerce on digital platforms across web, mobile and social media. The company plans to utilise the proceeds from the investment to strengthen its expertise in content creation.
“We have been exploring fund-raising for some time, but the idea was to also get someone on board who can help us with much more than just money. We believe in their ability to drive operational efficiencies and scalability of business. This should help us in overall growth as well as sustenance of margins,” said Barin Mukherjee, co-founder and CEO, Digital Refresh Networks.
Source: Economic Times