In its second Indian buy this year, European firm Gruner + Jahr snaps up mobile ad-network SeventyNine
Mobile ad-network SeventyNine owned by the Smile Vun Group has been sold for an undisclosed amount to European printing and publishing firm Gruner + Jahr’s Indian firm Networkplay.
Seventynine co-founders Chirag and Deven Dharamdasani will continue to lead the business post the buyout, the company said in a statement.
The ad network launched in April 2012 by Smile Vun Group (a joint venture between Harish Bahl’s Smile Group and Manish Vij’s Vun Network) says that it served nearly 700 million ad requests within 3 months of operations.
In June, Manish Vij, who sold his earlier e-commerce venture Letsbuy to Flipkart was looking to raise $10 million to fund SeventyNine and Tyroo (another group company).
Last month, the Smile vun Group floated a new company called PrecisionMatch to provide data analytics and management services to digital marketeers and commited an investment of $ 2 million to the new venture.
Seventynine is G+J’s second digital acquisition in India after Networkplay, which was acquired by G+J earlier this year. Networkplay was incubated in 2008 by digital advertising agency Webchutney and funded by Capital18, the venture capital arm of the Network18 group.
Seventynine’s immediate focus would be technology, product and expansion in South East Asia and Middle East, the company said. The € 2.29 billion G+J entered India in July 2011 through the acquisition of a majority stake in MaXposure Media Group.http://www.nextbigwhat.com/gruner-jahr-buys-seventynine-297/Gruner + Jahr snaps up mobile ad-network SeventyNineDeal Flow,funding