ScoopWhoop, the very popular India-based media entertainment website ( those “10 habits you are a this…..” or “15 things you should….” articles) has reportedly sold of 36.5% stake to Bharti SoftBank, a joint venture between Bharti Enterprises and Japan’s SoftBank Corp.
Financial terms of the deal have not been disclosed yet, but SoftBank’s inclusion in yet another India-based deal, has made this deal, all the more interesting. SoftBank, last month, had infused a staggering $627 Million in Snapdeal, and a $210 Million, on the same day, in Ola Cabs.
SoftBank has been extremely focussed in start-ups, based in Asia, and specially in India. It had already committed, that it will be infusing a staggering $10 Billion into India’s start-up scenario.
In a statement Madhu Nori, CEO of Bharti SoftBank, said
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. As a result, Media consumption patterns are rapidly evolving and this space is ready for disruption. The team at ScoopWhoop have demonstrated significant growth by leveraging their strength in understanding and creating locally relevant content for India’s young audience. We believe the partnership offers immense synergies for both parties to create great content experience for India’s mobile internet population.
We have mailed the ScoopWhoop team for comments, and will update you as soon as we receive one.
