India’s richest man, Mukesh Ambani-led Reliance Industries Limited’s (RIL) investment arm has picked up a controlling stake in a Mumbai-based digital media startup, New Emerging World of Journalism (NEWJ), with an initial investment of over ₹ 1 crore. Apparently, NEWJ is yet to be launched and its web address – www.theNEWJ.com, is still under construction and showing message of “Coming Soon”, with a video playing on its home page.
According to a regulatory filing by RIL, Reliance Industrial Investments and Holdings Limited (RIIHL), the investment holding company and a wholly-owned unit of RIL, has invested Rs 1.03 crore in an initial tranche. RIHL has subscribed to 30,000 equity shares and 125 compulsory convertible debentures in NEWJ for total cash aggregating to Rs 10.3 (Rs 1.03 crore) and consequently NEWJ has become subsidiary of RIIHL and the company.
NEWJ was founded this year by Shalabh Upadhyay, a former Senior Video Strategist & Lead at India unit of NowThis, a New York-based video news brand, which has more than 2.5 billion monthly views.
NEWJ is mainly into production and curation of content for the emerging social and digital media ecosystem. According to media report, the media startup will also be developing data enabled technology products which allow for integrated models of reporting and distribution.
“The recent exponential growth of the video content market provides a huge opportunity for innovative visual storytelling in India. The company intends to fill this demand for quality content in the social and digital media space. The venture was founded by a team of young entrepreneurs led by Shalabh Upadhyay,” RIL said in a media statement.
Post this investment, NEWJ will harness the synergy with RIL with a data-driven and tech-focused approach in creating a distributed content model.
Notably, just a couple of days back, RIIHL has also incorporated a company viz., “Jio Estonia OÜ” in Estonia and the newly formed company will look into software development and provide consultancy for existing and future technology initiatives pursued by the Reliance Industries group and its subsidiaries.
Source – Financial Express