Srinath Devireddy, a member of Hyderabad Angels, has invested an undisclosed amount in online branding and marketing firm GenY Medium Pvt Ltd. Devireddy made the investment in his personal capacity and acquired an undisclosed stake in the firm. He has also joined the company's board as part of the deal.
The development was first reported by Business Standard. Commenting on the investment, Devireddy said that the company's track record resonates with what he believes to be the perfect team to do social media marketing. Social media will overtake traditional media in the near future and the team with the right experience and know-how will win, he added.
Devireddy also runs a tech firm called Adroitent, Inc., which has operations in the US and India.
Set up in late 2011 by Ravi Jain (co-founder and strategy advisor) and Richa Sethia (co-founder and director), Hyderabad-based GenY uses proprietary analytics and online reputation management tools to give brands an edge against competition. The firm's key customers include companies such as Indiatimes Shopping, Gitanjali Shop, NIIT, Max Bupa and Cigna TTK.
Sethia holds an MBA from ICFAI Business School while Jain has a degree in chemical engineering from IIT Bombay and has done his MBA in Strategic Marketing and Analytical Finance from the Indian School of Business, Hyderabad.
(Edited by Sanghamitra Mandal)