At a time of COVID-19 when media businesses in India are shutting shop due to a strain in costs while revenues are dipping, Goa-based startup Kaydence Media Ventures Private Limited (KMV) is close to raising Rs. 5 crore by an offering of 5 per cent equity into the online news portal GoaChronicle.com.
KMV has received a Letter of Intent from Hi-Tech Natural Products (India) Ltd. to acquire 5 per cent equity in the GoaChronicle.com online news portal.
Commenting on the discussions on equity acquisition, Savio Rodrigues, MD & CEO, Kaydence Media Ventures Private Limited, expressed, "After 10-years, we decided to reach out to potential investors because we believe we have created a respectable brand. We were looking at raising Rs. 5 crores by offering 5 per cent stake in GoaChronicle.com. Our intent is to expand our informer networks, enhance our technology, and grow our global presence. We have received the Letter of Intent from Hi-Tech Natural Products (India) Ltd. We are currently in discussion to structure this intent legally."
Speaking on their intent to acquire 5 per cent stake in GoaChronicle.com, Devvrat Sharma, Director, Hi-Tech Natural Products (India) Limited said, "We believe in GoaChronicle.com team. GoaChronicle.com has garnered a cult-like status for its investigative style of journalism globally. With our financial support at this stage, we are confident that GoaChronicle.com will grow to a global brand from India in journalism. We are keen to acquire 5 per cent equity in this online news portal brand."
While India accounts for the majority of GoaChronicle.com viewership, it has a large following among the NRIs in US, UAE, UK, Australia, Canada, Russia and Asian countries like Singapore, Philippines, and Malaysia.
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( With inputs from ANI )
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