Mumbai: Hindustan Media Ventures Limited (HMVL) has invested Rs 4 crore in content venture Aleph Digital Solutions Private Limited to acquire 14.25% equity stake from the latter’s company.
Founded in November 2017, Aleph runs Pebble, a platform where journalists and freelance writers can sell their content to publishers across the world. It also offers hyper-local content from verified journalists. It also runs a vernacular news website called Local Heading, which will allow reporters and other portals to create their own pages and garner followers.
In its stock exchange filing on Friday, HMVL said that it would make the investment in two tranches of Rs 2 crore each. The group will acquire the stipulated volume of equity stake in Aleph upon completing the first stage of the investment, and will fund the second tranche before 31 March 2020.
The investment in Aleph will help HMVL to build products in the news gathering and aggregation space, the company filing said.
HMVL is part of HT Media that publishes Hindustan, one of India’s leading Hindi language dailies in the country.