Entertainment Network India Limited (Mirchi) has announced the acquisition of a minority stake in the music e-learning app Spardha. According to the company, this endeavour marks ENIL’s first external investment and aims to signal its interest in strategic investments to build shareholder value long term, and also beef up Mirchi’s own digital transformation as a mobile-first entertainment brand, it claimed.
As the company transforms into a mobile-first entertainment brand and is busy building out its Mirchi Plus app engine, it is keen to explore a number of new areas, Yatish Mehrishi, CEO, ENIL, said. “E-learning was one such space, that we were interested in building from a direct-to-consumer (D2C) standpoint. It was best that we invest in a sector leader like Spardha, rather than build inside ENIL,” he added.
Spardha was founded in 2020 and claims to cater to individuals with specific learning demands. In a company statement, it said that it aims to reinvent the music learning space by addressing problems in music education.
Mirchi has a strong presence in many international markets which is where Spardha is focusing on for the next level of growth, Saurabh Srivastav, founder, director and CEO, Spardha stated. “Mirchi’s strong presence in these markets will help Spardha optimize 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,” he highlighted.
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