Bharti Softbank has announced that it has acquired equity stake in ScoopWhoop Media Private Limited (“ScoopWhoop”) through BSB Portal Limited. Bharti Softbank (“BSB”) is a joint venture between Bharti Enterprises and Softbank Corp. BSB has earlier invested in Indian Messaging app Hike recently. Hike is owned by Kavin Bharti Mittal, son of Sunil Mittal, Chairman and Group CEO of Bharti Enterprises, the parent company of Airtel.
Softbank, last week reported that they had invested in Ola (earlier olacabs) and Snapdeal. Softbank CEO Masayoshi Son has been on a week-long visit to India last week where he announced various deals and more investment in Indian internet space.
ScoopWhoop is an India focused Entertainment Media startup that creates and curates content that gets shared through social networks. Its website and mobile application clock approximately 20 million monthly page views and have over 8 million unique visitors each month. Over half of all the page views are accessed via smartphones, underlining the strong mobile play. Started in August 2013, ScoopWhoop has travelled an interesting journey and has an alexa rank of 157 in India and 2132 worldwide.
BSB Portal Limited will have an effective stake of 36.5% in ScoopWhoop. The partnership will combine the strengths of both – i.e., content creation for Indian youth by ScoopWhoop and mobile-optimized technology platform and distribution by BSB for Indian consumers.
As most of the industry experts and websites reported, the Indianized content might be used for distribution on hike, which is a mobile messaging platform exclusively focused on India.
“About a half of India’s population are under 25 years old and the use of social networks with smartphones is growing rapidly among this segment. As a result, Media consumption patterns are rapidly evolving and this space is ready for disruption. The team at ScoopWhoop have demonstrated significant growth by leveraging their strength in understanding and creating locally relevant content for India’s young audience. We believe the partnership offers immense synergies for both parties to create great content experience for India’s mobile internet population.” – says Madhu Nori, CEO, BSB Portal Limited about the investment.
India is the world’s second largest mobile market with over 900 Million subscribers. A vast youth population and a fast growing economy are expected to drive data usage on mobiles with the proliferation of 3G and 4G services and increasing smartphone penetration. According to the GSMA, India will become the second largest Mobile Broadband market globally within the next four years with 367 million Mobile Broadband connections by 2016.
ScoopWhoop Co-founder and CEO Sattvik Mishra said “We are really happy with what we have achieved in the last one year since we started ScoopWhoop in August 2013, but we also know that we have a long road ahead. In BSB we found the perfect partner who believes in our vision and back us both financially and strategically. I’d also like to thank Sidharth Rao and Haresh Chawla for their constant guidance and advice. With the backup of right partner and advisors, we are gunning for the number one spot.”
BSB Portal Limited is a wholly owned subsidiary of BSY Pte. Ltd. which is a JV between BSB and Yahoo! JAPAN Corporation. With the goal of transforming mobile internet to simple and life-enriching experiences, BSB Portal builds consumer internet products and platforms in partnership with telecom operators.
You can meet ScoopWhoop team here.
You can download ScoopWhoop Android app from Google Play Store.
Source: BSB Press Release