On Monday, Bharti Softbank (BSB), a joint venture between Bharti Enterprises and SoftBank announced that it has acquired 36.5% equity stake in ScoopWhoop Media through BSB Portal.
ScoopWhoop is an India focused entertainment media startup that creates and curates viral contents that gets shared on social media. Its website and mobile application gets approximately 20 million monthly page views and have over 8 million unique visitors each month. Over half of all the page views are accessed via smartphones, underlining the strong mobile play.
Thought the deal value is not yet revealed by the company, as per the industry sources the deal is worth INR 10 cr.
“About a half of India’s population are under 25 years old and the use of social networks with smartphones is growing rapidly among this segment. We believe the partnership offers immense synergies for both parties to create great content experience for India’s mobile internet population,” Said Madhu Nori, CEO, BSB Portal Limited.
“We are really happy with what we have achieved in the last one year since we started ScoopWhoop in August 2013, but we also know that we have a long road ahead,” ScoopWhoop Co-Founder and CEO Sattvik Mishra said.
Last week, SoftBank announced that it led a $210 million investment in Ola, an Uber-style service based in Mumbai. At the same time, SoftBank participated in a $627 million round in Snapdeal, an e-commerce business. Other investments in India include mobile ad startup InMobi and Bharti.