Entertainment Network India Ltd, which runs private frequency modulation brand Radio Mirchi, on Wednesday said it has bought a minority stake in online music platform Spardha.
ENIL claims it to be its first external investment with an aim to deepen strategic bets and build shareholder value and also scale up Mirchi as a mobile-first entertainment brand, the company said in a statement.
Founded in 2020, Pune-based Spardha caters to individuals with specific learning demands and aims to reinvent the music learning space by addressing problems in music education.
The startup claims that it not only focuses on curating an extensive curriculum and onboarding certified trainers for students but also offer them with a seamless virtual classroom experience.
“Spardha looks to gain from Mirchi’s prowess in building strong consumer facing brands, its deep engagement with the film and music industry as well as its ad-revenue and business-to-business sales ecosystem,” said Saurabh Srivastav, founder director and chief executive at Spardha.
Entertainment Network India Limited operates its advertising business through the sale of airtime in the company’s FM radio broadcasting stations, activations, concerts and monetization of its digital and other media properties. It operates FM radio broadcasting stations in over 60 Indian cities under the brand names Mirchi, Mirchi Love and Kool FM.
“Over the past two decades, Mirchi has become synonymous with best-in-class music and entertainment. Even as we transform into a mobile-first entertainment brand and are busy building out our Mirchi Plus app engine, we are keen to explore a number of new areas,” said Yatish Mehrishi, chief executive at ENIL.