Entertainment Network India Limited (Mirchi) has acquired a minority stake in Spardha, a music e-learning start-up. Earlier this year, the music education platform raised Rs 8 crore in funding in a Pre-series A2 round led by Inflection Point Ventures.
As per reports, the investment ENIL’s first external investment heralding other long-term strategic investments. Commenting on this investment, Yatish Mehrishi, CEO, ENIL, said in a statement, “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. We can build those in-house, or we can invest outside. E-learning was one such space, that we were interested in building from a D2C standpoint, but it was best that we invest in a sector leader like Spardha, rather than build inside ENIL.”
Saurabh Srivastav, founder director & CEO of Spardha said, “I feel thrilled about this new partnership with ENIL. We at Spardha strongly believe that there are multiple opportunities where Spardha & Mirchi can collaborate in the common interest of helping Spardha grow faster & improve its brand visibility in the market. Mirchi has a strong presence in many international markets where Spardha is focusing on for the next level of growth. Mirchi’s strong presence in these markets will help Spardha optimise its branding and marketing strategies to penetrate deeper into those international markets at a faster pace. Spardha looks to gain from Mirchi’s prowess in building strong consumer facing brands, its deep engagement with the film & music industry as well as its ad-revenue and B2B sales ecosystem. On behalf of Team Spardha, I would like to thank ENIL management for their investment in Spardha. Looking forward to an exciting & successful partnership with Mirchi.”
Founded in 2020 by Saurabh Srivastav, Amrita Srivastav and Rikhil Jain, Spardha is a digital training platform that leverages curated curriculum, certified teachers and technological solutions to offer personalised trainer-assisted online classes. The platform incorporates a proprietary system to hire, up skill and manage teachers professionally. Spardha aims to revolutionise Indian music education with their unique bouquet of beginner, music enthusiast and career-focused courses.
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