Indian buyout firm TIW Private Equity has acquired a majority stake in Digital Refresh Networks Pvt Ltd for approximately $6 million, the two companies said in a joint press release.
TIW Private Equity has acquired 60% stake in Digital Refresh Networks, a spokesperson for the digital platform management firm said.
Mumbai-based Digital Refresh Networks, founded in 2011 by Ravi Dubey and Barin Mukherjee, plans to utilise the proceeds from the investment to strengthen its expertise in content creation.
“We believe in their (TIW Private Equity) ability to drive operational efficiencies and scalability of business. This should help us in overall growth, as well as sustenance of margins," said Mukherjee, co-founder and chief executive officer of Digital Refresh Networks.
The company enables delivery of brand objectives on the web, mobile and social media through communication and commerce applications, audio-video elements and customized digital solutions.
“We 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 & through acquisitions", said Mohit Ralhan, managing partner and chief investment officer of TIW Private Equity.