Indian buyout firm TIW Private Equity has acquired a majority stake in Digital Refresh Networks Pvt Ltd, a Mumbai-based digital platform management firm, for about $6 million.

Digital Refresh Networks (formerly Digital F5) will utilise the funds for acquisitions and strengthen core services, said the companies in a joint statement.

“Digital Refresh Networks has been able to acquire and retain quite a few marquee clients, which gives us a lot of confidence as far as business sustenance goes. The team has demonstrated capability in developing new products and services that will aid in driving growth for the company in the quarters ahead,” said Mohit Ralhan, Managing Partner and Chief Investment Officer at TIW Private Equity.

“We also believe that the macro for digital consumption, driven by higher internet adoption and evolving consumer behaviour, is fairly solid. Significant value can be unlocked in this space by focusing on cost efficiencies around operating processes and through acquisitions,” he added.

Digital Refresh Networks was founded in 2011 in Mumbai by Ravi Dubey and Barin Mukherjee. It enables delivery of brand objectives on the web, mobile and social media through communication and commerce applications, audio-video elements and customised digital solutions.

“We intend to immediately acquire full-service capabilities in digital content creation, and build competencies in platform and market-place management,” Ravi Dubey, co-founder and Executive Director, Digital Refresh Networks, said.

TIW Private Equity is a sector agnostic, buyout PE fund that focuses on consumption-driven sectors. The fund has investments in sectors across FMCG, media, education, digital platforms, financial services, real estate and manufacturing consumption, through multiple funds.

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