Bangalore-based MobileNXT Teleservices, the Rs 24 crore mobile retail chain has offloaded a 35 per cent stake to media firm, TV18. No transaction details have been disclosed.
Romy Juneja, chief operating officer, MobileNXT, said, “This deal is the first of its kind between a media firm and a mobile retail chain. We have already planned an ambitious expansion plan which will be executed over the next three years.”
MobileNXT was promoted by Vijay Menon and Romy Juneja with an initial investment of under $2 million raised from Avendus Advisors, an investment bank based in Mumbai, and some high net worth individuals like Dan Sandhu, in April 2006.
With this partnership consumers will get a combination of online and offline channels where they can check all details on the net, as well as shop at the store. MobileNXT will also be a window to Indian expats.
Read more in The Economic Times article.
MobileNXT will benefit from TV18 for content, whether it is ringtones, movies, snippets, creative aspects like entertainment, web creative as well as media advertising.
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