Mumbai: Komli Media, a digital media network platform, announced that it had acquired Indoor Media, a UK-based online ethnic marketing media company, to strengthen its operations in the international market. This is Komli’s second acquisition since June.
According to Prashant Mehta, chief operating officer of Komli Media this acquisition was made for several reasons, including the fact that UK represented the largest population of non resident Indians. “A lot of businesses are looking to focus on the non resident Indian and there is a lot of potential to grow this business from here,” explains Mehta, pointing to the fact that Indian companies from categories such as travel, tourism, aviation, hospitality, financial services, education and real estate companies were looking to tap into the NRI population. “We’ve had, South East Asia and covered (with our network), so in that sense was the last missing link. It was a strategic decision,” he adds. Also UK is one of the most advanced markets in terms of digital (media) with brands allocating up to 22-23% of their ad budgets to the medium, a figure which surpassed television as the largest medium of advertising in the UK. In America this figure is around 10-11% on digital.
The media network recently raised $6 million in additional funding from existing investors Nexus Venture Partners, Helion Venture Partners, and Draper Fisher Jurvetson. The funding, had been raised to accelerate the company’s overall growth including its expansion across Asia Pacific. Mehta maintains that while he cannot comment on the size of this particular deal, the network did not have to raise any additional funds for it “Safe to say, that some of that funding has been used for this acquisition.”
Founded in 2007 the London based Indoor Media is one of the leading online ethnic marketing companies which focuses on South Asians. The company covers more than 400 websites across verticals like news, business, entertainment and women and offers an aggregate reach of 2.6 million ethnic minority unique users in the, primarily comprised of South Asians, the largest ethnic minority group there. The company’s clients include marketers such as Mercedes, the UK government, O2, Vodafone and Western Union among others.