Fork Media acquires majority stake in ad-tech firm Inuxu
Advertising technology firm Fork Media Pvt. Ltd has acquired a controlling stake in Inuxu Digital Media Technologies Pvt. Ltd for an undisclosed amount.
Queries sent to both companies regarding the deal value did not elicit a response by the time of writing this report.
The Economic Times, however, reported that the cash-and-stock transaction was worth $3 million.
Inuxu is a Pune-based ad-tech company that helps advertisers engage with their target audience across multiple digital channels and allows publishers to better use their ad inventory. It is funded by netCORE solutions, which owns media platform Oneindia.
The startup was founded in March 2013 by Rohit Bagad, an alumnus of the University of Pune who earlier worked with Tata Consultancy Services and Webchutney.
This is the second acquisition by Fork Media in a year. In October last year, Fork Media had acquired Wi-Fi-based advertising network Spid Info Media Pvt Ltd for an undisclosed amount.
The company made its debut in international markets with the launch of its operations in Dubai, targeting the Gulf Cooperation Council region.
Its products include two ad platforms—native ad platform Brand Press, and image recognition and monetisation platform Impulse. In India, the company has had partnerships with NDTV group, HT Media group, India Today group, India.com group, Web18 and The Hindu.
In November last year, Fork Media launched Hauterfly, an online content portal targeted at the millennial women. It is looking to launch another content platform called Superfly, targeted at urban men.
Fork Media is run by Ant Farm, the startup of former Indiatimes CEO Rishi Khiani. It was set up by Samar Verma and Upen Rai in February 2013, and was launched by Ant Farm in April.
In 2013, Ant Farm had launched fashion e-commerce venture called Stylista. The firm had acquired online food delivery venture Meals on Wheels, and had plans to merge it with grocery and essential products ordering platform Scootsy.
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