BackAirtel acquires 8% stake in tech startup Lemnisk
Lemnisk, a Bengaluru based startup, offers real-time marketing automation and secure customer data Platform
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Bharti Airtel on Tuesday announced that it has acquired 8 per cent stake in technology startup Lemnisk under Airtel’s Start Up Accelerator Program.
Lemnisk, a Bengaluru based startup, offers real-time marketing automation and secure customer data Platform (CDP).
Airtel and Lemnisk will work together to build world’s largest CDP platform. This will be done across Airtel’s digital businesses including Ad-tech (Airtel Ads), Digital Entertainment (Wynk Music and Airtel Xstream) and Digital Marketplace (Airtel Thanks App).
"We are delighted to welcome Lemnisk into the Airtel Start Up accelerator program and be a part of our digital innovation engine. We see great potential in this alliance and together with Lemnisk we aim to create world’s largest CDP platform. Lemnisk’s real time marketing automation engine is a natural fit for us, where over 350 million customers interact with brands daily through multiple touch points," said Adarsh Nair, CEO, Airtel Digital.
"My co-founders, Rinku Ghosh and Praveen DS, and I are very excited to strategically partner with Airtel and work together to unlock enormous value from customer data, while keeping privacy and consent frameworks at the core. There is really no global parallel for what Airtel wants to achieve, and that is inspiring for us. Airtel’s ambition aligns with our vision to offer a single frictionless platform to super large enterprises that both organizes and activates high volume and high velocity data. We are looking forward to achieving great things together," said Subra Krishnan, Co-founder & CEO, Lemnisk.
Telecom major Bharti Airtel posted a lower-than-expected quarterly profit, flagging a headwind for the telco operator, as it begins to roll out 5G services across India. Airtel reported a consolidated net profit of ₹2,145 crore for the quarter ending 30 September, 2022. This is an increase of 89% when compared with ₹1,134 crore in corresponding quarter of last year.
The company's scrip ended 1.46 per cent down at ₹827.55 at BSE.
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