RPG Group-owned Saregama acquired majority stake in leading digital entertainment company Pocket Aces. In a statement released on Thursday, Saregama said that it will acquire 51.8 per cent shares for Rs 174 crore. This would be an all-cash deal, the statement added. Pocket Aces, a digital content publisher, clocked Rs 104 crore revenue from operations in FY23. It has witnessed a growth of revenue by 34% CAGR over the last 4 years and is expected to grow even faster in future.
Commenting on the latest acquisition, Avarna Jain, Vice Chairperson Saregama, said, “This acquisition signifies the confluence of tradition and innovation. While we have always been leaders in the realm of music and media, this partnership with Pocket Aces will add new dimensions to our business as we tap into the burgeoning young digital audiences.”
Pocket Aces’ talent management arm, Clout, manages over 100 digital influencers. It also has long-form studio – Dice Media. It creates relatable youth-centric web series across OTT platforms like Hotstar, Amazon Prime and Netflix.