TIW Private Equity acquires majority stake in Digital Refresh Networks

Photo: Reuters

Indian buyout firm TIW Private Equity has acquired a majority stake in Mumbai-based digital platform management firm, Digital Refresh Networks Pvt. Ltd, for $6 million.

The investment will give Digital Refresh Networks bandwidth to strengthen its core services and also aid acquisitions, TIW said in a statement.

Ravi Dubey, co-founder and Executive Director, Digital Refresh Networks, stated, “We intend to immediately acquire full-service capabilities in digital content creation and build competencies in platform and market-place management.”

Founded in 2011 by Dubey and Barin Mukherjee, Digital Refresh Networks (formerly Digital
F5) enables delivery of brand objectives on the web, mobile and social media through
communication and commerce applications, audio-video elements and customised digital
solutions.

The company plans to utilise the proceeds from the investment to strengthen its expertise in content creation, the statement added.

“The company has been able to acquire and retain quite a few marquee clients, which gives us a lot of confidence as far as business sustenance goes. The team has demonstrated capability in developing new products and services, that will aid in driving growth for the company in the quarters ahead,” said Mohit Ralhan, Managing Partner and Chief Investment Officer, TIW Private Equity.

“We also believe that the macro for digital consumption, driven by higher internet adoption and evolving consumer behaviour, is fairly solid. Significant value can be unlocked in this space by focusing on cost efficiencies around operating processes & through acquisitions,” he added.

TIW Private Equity is focused on small and medium enterprises (SME)s and prefers investing in first generation entrepreneurs. The sector-agnostic investor typically picks up controlling stakes for around Rs 50-70 crore.

Last month, the firm acquired a majority stake in Bangalore-headquartered Credence Family Office for an undisclosed amount. It is also gearing up to launch a new fund next year with a targeted amount of around $100 million, DealStreetAsia reported earlier this year.