Bharti Softbank has invested a whopping INR 10 crores in Indian social content website ScoopWhoop, picking up a 36.5% stake in the company.
As part of the deal, BSB head of operations Madhu Nori will join Scoopwhoop board. As per Quartz report, ScoopWhoop is expected to use the raised money to diversify into original videos, acquire content studios and make other acquisitions.
New Delhi-based ScoopWhoop was launched in 2013, as a venture of Sriparna Tikekar, Sattvik Mishra, Rishi Mukherjee, Sonali Mushahary, Suparn Pandey, Adarsh Vinay and Saransh Singh, and is known for providing Buzzfeed style of Indian viral content.
The deal is structured in a way that gives Scoopwhoop, its owners and founders a huge potential upside if the site continues to grow at the current clip or even faster. The company can continue to raise money for the next three years from Bharti Softbank, which could become the majority shareholder depending on the terms the two parties will agree upon.
Scoopwhoop’s shareholders are founder-investors Haresh Chawla and Sidharth Rao, founders Sattvik Mishra and Rishi Mukherjee, and other members of the staff. The company currently has 20 employees and around 8-10 million unique visitors come to the site each month.
Apart from this, Hike, the free instant messaging app hasd recently raised USD 14 million from Bharti Softbank (BSB), a joint-venture between Bharti Enterprises and SoftBank Corporation.
In 2011, India’s Bharti enterprises, a leading business group in telecom, agriculture, retail and manufacturing sector, entered into a 50:50 joint venture with Japan based Softbank, one of the telecom operator giants to make a milestone in the mobile ecosystem of India.
Also, Softbank had invested USD 627 in online marketplace Snapdeal and USD 210 Mn in taxi aggregator Ola.
SoftBank is aiming at contributing to the development of the infrastructure for the digital future of India, and it wants to support the leaders and entrepreneurs of the digital future.