Home grown multinational digital agency Gozoop has acquired another social media agency Red Digital. With this, the clients and employees of Red Digital will be consolidated under the Gozoop brand, thus strengthening the latter’s Indian operations.
Gozoop's international operations in Singapore and UAE and Red Digital’s rich client base and a strong presence in five key cities in India will enhance Gozoop’s global presence and cost efficiencies.
Currently, 65 per cent of Gozoop’s revenue is attributed to its international operations in the UAE and Singapore.
Post the acquisition, the company aims to double its domestic revenues in the next financial year. The acquisition will also increase the employee strength of the company to about 100 members, making Gozoop one of India’s largest digital agencies in terms of employee strength as well.
The acquisition is in line with Gozoop’s strategy of increasing the revenue contribution from its Indian operations.
Over the past few years, Red Digital has worked for several marquee brands such as Mumbai Indians, Dell, PepsiCo, BMW, Parker Pens, Adidas, PVR, Godrej, Berger Paints, Reliance Foundation, Educomp, Citibank, ICC and Discovery Channel. Post the acquisition, Gozoop will manage the digital mandate for these brands.
Commenting on the deal, Ahmed Naqvi, Managing Director and Co-founder, Gozoop, said: “We expect further consolidation in our industry and look forward to acquiring digital agencies to fuel our growth in India as well as to enter international markets like the US, Australia and Qatar.”
Gozoop provides digital solutions to brands like Xpress Money, Interglobe, High Street Phoenix, Commercial Bank of Dubai, Tim Hortons, Cold Stone Creamery, Seacod and Mad Over Donuts, amongst others.
Following the deal, Gozoop will increase its presence to Delhi, Bangalore, Chennai and Kolkata in addition to its current presence in Mumbai, Dubai and Singapore.