Plans To Raise $5 Million From Strategic Investors, a leading Indian cricket portal, plans to raise $5 million from strategic investors. The company is in talks with investors including TV broadcasters and horizontal portals for the fund raising. It will use the money to purchase rights, set up web casting technology, build a stronger e-commerce platform, and for creating new content like customized games and products for mobile phones.
“We have commenced negotiations with TV channels. We are also in negotiations with horizontal portals and telecom operators. Our role as a content aggregator has strategic value for the other media companies and telcos,” said Sanjay Jha, co-founder and managing director, Walchand Pvt Ltd, which owns the portal. He said the company will look at roping in a financial investor first and then go in for – after 18 months or so – a strategic investor.
The promoters of Walchand CricketNext. Com hold over 90 per cent stake in the company after it bought back 30 per cent shares from Centurion Bank of Punjab. The Bank had acquired the shares from KVP Venture Capital Fund, the fund owned by the late Australian media mogul Kerry Packer. The company was valued at $8 million in initial round.
Walchand CricketNext has mandated Haribhakti MRI, a Mumbai-based corporate financial advisory firm, to raise the funds.