Reliance Industrial Investments and Holdings Limited (RIIHL), which is a subsidiary of Reliance Industries has purchased a substantial stake in New Emerging World of Journalism (NEWSJ) which is an upcoming media startup for a price of Rs.10.3 million according to a report by Moneycontrol.
Through an initial tranche, RIHHL has subscribed to 125 compulsory convertible debentures and 30,000 equity shares.
NEWJ is a media startup which focuses on producing and curating videos for smartphone obsessed people in India.
NEWSJ joins the list of various other media houses, who over a period of time has raised funding. MissMalini Private Limited which is a lifestyle and entertainment content website raised Rs.10.4 crore from Orios Venture Partners and New Enterprise Associates (NEA). The Print, which is owned by Shekhar Kapoor raised Rs.3.49 crore from Ratan Tata, the chairman of Tata Sons.
Source Links: MoneyControl, TechCircle