MediaMint, a digital marketing services provider, has secured an undisclosed investment from the Singapore-based Everstone Capital and US-based Recognize.
Refusing to divulge the quantum of the investment, Aditya Vuchi, Chief Executive Officer and Co-Founder of MediaMint, told businessline that the investment has been significant. “It is a strategic investment company,” he said.
However, sources in the investment sector have pegged the investment in excess of $100 million in the Hyderabad-based company. The homegrown digital advertisement services company had recently cancelled a ₹566-crore deal with the Hyderabad-based Brightcom for acquisition after the latter company got into trouble with regard to its financial statements.
Vuchi co-founded MediaMint in 2010 along with his wife Neelima Marupuru. The company, which has about 2,000 employees, has offices in San Francisco, New York and Hyderabad.
Incidentally, this marks the first institutional investment into MediaMint, which the company wanted to accelerate the company’s expansion plans.
“We would like to serve leading digital marketing platforms, publishers, and agencies worldwide,” Vuchi said.
“We have built a strong foundation focussed on delivering high-value outcomes through process excellence and deep domain expertise for our global base of digital marketing clients,” he said.
Pegging the digital marketing space at $670 billion in 2030, he said the market is growing at a CAGR of 13 per cent, driven by digital channels and creator platforms.
“We look forward to working with the team at MediaMint to build on their strong base and assist in their next phase of growth, which will include significant global expansion as well as enhancing service line capabilities,” Avnish Mehra, Vice-Chairman (Private Equity) at Everstone Capital, said.
“With its deep domain knowledge and history of delivery excellence, MediaMint is uniquely positioned to capture the wave of digital advertising growth over the next decade,” David Wasserman, Co-Founder and Managing Partner at Recognize, said.
As part of the process, Rajeev Butani is joining as the Executive Chairman of MediaMint. Rajeev was previously the Senior Managing Director and Group Technology Officer for Accenture’s Communications, Media, and Technology Operating Group globally, and also served on Accenture’s Global Leadership Committee.