Reliance Industrial Investments and Holdings Limited (RIIHL), a subsidiary of Reliance Industries Limited (RIL), has acquired a substantial stake in media startup New Emerging World of Journalism (NEWJ), for an initial investment of ₹1.03 crore.
RIIHL has subscribed to 30,000 equity shares and 125 compulsory convertible debentures for total cash amounting to ₹1.03 crore, in the first tranche, making NEWJ, the subsidiary of RIIHL and RIL, according to RIL’s regulatory filings.
“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.
NEWJ is a digital media startup that creates video content focused on the smartphone-obsessed young Indians. The startup will leverage data analytics to create a distributed content model.
Reliance Industries continues to invest in the Indian startup ecosystem.
Earlier this month, RIL committed ₹3,000 crore in Odisha, to boost digital infrastructure.
In September 2018, Reliance Industries invested in AI startup Netradyne, helping it raise ₹152 crore in series B funding round. Previously, it was reported that Netradyne raised ₹58 crore from Reliance Industries for a ₹37.4% stake.