Bharti Softbank (BSB), a JV between Bharti Enterprises and Softbank Corp, today said that it has acquired equity stake in ScoopWhoop Media Private Limited through BSB Portal Limited. BSB Portal Limited will have an effective stake of 36.5% in ScoopWhoop.
ScoopWhoop is an entertainment media startup that creates and curates content that gets shared through social networks. Its website and mobile website clocks 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.
The partnership will combine the strengths of both – content creation by ScoopWhoop and mobile-optimized technology platform and distribution by BSB.
About a half of India’s population is under 25 years of age 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. Commenting on the partnership, Madhu Nori, CEO, BSB Portal Limited said, “The team at ScoopWhoop has 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.”
Sattvik Mishra, Co-Founder and CEO, ScoopWhoop said, “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. In BSB we found the perfect partner who believes in our vision and back us both financially and strategically. I’d also like to thank Sidharth Rao and Haresh Chawla for their constant guidance and advice. With the backup of right partner and advisors, we are gunning for the number one spot.”
India is the world’s second largest mobile market with over 900 Million subscribers. A vast youth population and a fast growing economy are expected to drive data usage on mobiles with the proliferation of 3G and 4G services and increasing smartphone penetration. According to the GSMA, India will become the second largest Mobile Broadband market globally within the next four years with 367 million Mobile Broadband connections by 2016.
Related Tags:Bharti Softbank, Bharti Enterprises, Softbank Corp, BSB Portal Limited, ScoopWhoop Media Private