OTT video platform ALTBalaji, a wholly-owned subsidiary of Balaji Telefilms Ltd, has acquired a 17.5 per cent stake in online celebrity digital engagement platform, Tring. The investment values Tring at about ₹100 crore.
As part of the transaction, ALTBalaji will be entitled to appoint one board member on the board of B.D Inno Ventures Pvt Ltd, the parent company of Tring.
“Balaji Telefilms has always believed in investing ahead of the curve and this investment in Tring allows us to better connect with audiences across India. We have successfully taken ALTBalaji to new heights since we launched in 2017, and today, we are one of the most loved Hindi OTT with award-winning shows on the platform,” Shobha Kapoor, Managing Director at Balaji Telefilms, said.
Tring, a celebrity shout-out and engagement platform, was started in February by Akshay Saini, Rahul Saini and Pranav Chabhadia.
Tring’s existing investors include photographer and movie producer Atul Kasbekar, along-with industry-leaders and angel investors such as Kalyan Krishnamurthy (Flipkart CEO), Sujeet Kumar (Udaan CEO), Gaurav Munjal (Unacademy CEO), Roman Saini, Hemesh Singh, Sumit Jain, Dinesh Godara (founding team of Unacademy), Keshav Sanghi (of Ventureworks India) and Dalbir Saini (Chairman BDI Group). The Hindu BusinessLine