Reliance Industries arm invests in visual storytelling start-up NEWJ

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New Delhi | Published: November 29, 2018 4:27:33 AM

Reliance Industrial Investments and Holdings (RIIHL), a wholly owned subsidiary of Reliance Industries, has invested in New Emerging World of Journalism Private (NEWJ), a start-up that curates and produces video content for smartphone users.

Reliance Industries arm invests in visual storytelling start-up NEWJ

Reliance Industrial Investments and Holdings (RIIHL), a wholly owned subsidiary of Reliance Industries, has invested in New Emerging World of Journalism Private (NEWJ), a start-up that curates and produces video content for smartphone users. As initial tranche, RIIHL has subscribed to 30,000 equity shares and 125 compulsory convertible debentures for total cash aggregating to Rs 1.03 crore and consequently NEWJ has become a subsidiary of RIIHL and RIL, a company statement said.

The exponential growth in the video content market provides huge opportunity for innovative visual storytelling in India and NEWJ intends to fill this demand for quality content in social and digital media space. The venture was founded by a team of young entrepreneurs led by Shalabh Upadhyay, the statement added.

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On the rationale behind investing in NEWJ, RIIHL said the success of Reliance Jio, another RIL subsidiary, has led to a meteoric rise in digital media consumption in India, which is changing user behaviour and data consumption habits. The start-up intends to serve these upcoming young untapped markets. Jio’s 4G network provides direct access to audiences consuming data, presenting a massive opportunity for seamless content curation and distribution.

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