Kwan Entertainment acquires online party planning marketplace Gigstart
Delhi-based Kwan Entertainment & Marketing Solutions Pvt. Ltd said on Thursday it has acquired online party planning marketplace Gigstart Entertainment Pvt. Ltd.
Kwan didn't disclose financial details of the deal.
Anirban Blah, founder and managing director at Kwan, said the talent industry is skewed in favour of known celebrities and fails to tap into creative talent from across the country. Gigstart aims to fill this gap with a platform that "marries scale with sensible unit economics" in a way that no other company does, he said.
Along with the acquisition, Mumbai-based Gigstart announced the launch of a mobile app that will help users access various entertainment options. The app will also help connect party planners with artists and provide payment and contract signing services.
Gigstart, earlier known as Alpinismo Online Ventures Pvt Ltd, was founded in December 2013 by electronics engineer Atit Jain and Indian classical singer Madhulika Pandey. The online marketplace facilitates connections between entertainers including anchors, stand-up comedians, singers, dancers, make-up artists and photographers with potential clients. Gigstart has about 4,200 artists on board. It also has verified listings, reviews and ratings.
Gigstart had received $210,000 (Rs 1.3 crore then) in seed funding from a group of investors including Snapdeal co-founders Rohit Bansal and Kunal Bahl, and GSF's Rajesh Sawhney in 2014.
Kwan says it represents about 125 people across the spectrum of motion pictures and television music, commercial endorsements, sports consulting, licensing and merchandising, film finance, brand consulting and live events. It also invests in and runs businesses in the entertainment sector and owns equity in a range of businesses including Saavn.
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