A majority stake in Digital Refresh Networks Pvt Ltd has been acquired by an Indian buyout fund TIW Private Equity for $6 million.
The company plans to utilise the proceeds from the investment to strengthen its expertise in content creation and for acquisitions.
Mohit Ralhan, Managing Partner and Chief Investment Officer, TIW Private Equity, said, “Digital Refresh Networks 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. We believe that the macro for digital consumption, driven by higher internet adoption and evolving consumer behaviour, is fairly solid. Significant value can be unlocked in this space by focusing on cost efficiencies around operating processes and through acquisitions.”
Digital Refresh Networks was founded by Ravi Dubey and Barin Mukherjee in 2011. The digital marketing firm enables delivery of brand objectives on the web, mobile and social media through communication and commerce applications, audio-video elements, and customised digital solutions.
Whereas, TIW Private Equity is a sector agnostic fund, and has investments in sectors across FMCG, media, education, digital platforms, financial services, real estate and manufacturing consumption, through multiple funds. It also helps entrepreneurs improve their companies’ margin profiles.
“Our vision is to build a digital-first communication and commerce company which provides better ROI for brands across all platforms. We intend to immediately acquire full-service capabilities in digital content creation, and build competencies in platform and market-place management,” Ravi Dubey, Co-founder and Executive Director, Digital Refresh Networks, said.