Mumbai : The Indian unit of Japanese advertising group Dentsu has acquired WATConsult, a fullservice digital and social media agency launched by Rajiv Dingra in 2006. Dentsu Aegis Network India has acquired upwards of 75% stake in WATConsult at a valuation of anywhere between Rs 180 crore and Rs 200 crore, said top officials aware of the development.
Wat Consult specialises in services like digital creative, digital media planning and buying, social media marketing, web and mobile development, online reputation management and digital creative video services. Its clients include Godrej, Tata, Bajaj, Mahindra, SAP and Nikon. WATConsult employs more than 160 people across Mumbai, Delhi, Bengaluru and Kolkata and has annual revenues of nearly Rs 30 crore.
“The acquisition of WATConsult marks another significant step for our group in India,” said Nick Waters, CEO Dentsu Aegis Network Asia Pacific, adding: “We view India as a priority market and will continue to seek scaled and quality investment opportunities here.”
The acquired company will be referred to as “WATConsult – Linked by Isobar”. Dingra will continue as CEO of the entity. His key management team, including Nipun Kapur, COO of WATConsult and Heeru Dingra, CFO of WATConsult, will also continue in their respective roles. Dingra will report to Ashish Bhasin, chairman and CEO South Asia Dentsu Aegis Network.
He will also join the Digital Council that Dentsu formed in India last year with the heads of its three existing digital agencies — Web Chutney CEO and co-founder Sidharth Rao, Isobar India managing director Shamsuddin Jasani and iProspectCommunicate2 MD Vivek Bhargava.
The digital companies of Dentsu contribute nearly 30% of its overall revenues in India.