Info Edge (India) Limited announced last week that its IE Venture Fund I has entered into an agreement to invest about $462,000 (Rs 3.5 crore) in Rusk Media Private Limited.
As part of the agreement, the IE Venture Fund I will acquire 2,779 – 0.01% Seed series compulsorily convertible preference shares having face value of Rs. 10/- each. The aggregate shareholding of IE Venture Fund I, post this investment, in Rusk Media would be 10 per cent on a fully converted & diluted basis.
Rusk Media is engaged in the business to carry on the production of digital content across genres like fiction, music, lifestyle, technology, amongst other things and distribution of such content across multiple platforms, brands and fields. It is also engaged in the monetization of the content through brand sponsorship in lieu of product placement/product integration.
The New Delhi-based media organisation said it will use the funds to build distinctive digital entertainment solutions by bolstering video production and custom content capabilities.
INDIA DEAL MONITOR
Here are some prominent venture capital transactions in India between June 21 and June 24, 2020.
