Radiowalla to raise USD 15 million

Radiowalla to raise USD 15 million
Image Source: Radiowalla

Radiowalla, the largest digital audio player in the country, is planning to raise around USD 15 million to fund its acquisition plans in US and Europe.  This will shape the second leg of its global invasions.

Founded in August 2011 by Anil Srivatsa (CEO) and Harvinderjit Bhatia (Director), the startup is based out of Bengaluru and has its operations in UAE, Oman, Sri Lanka and Nepal apart from India.

“We’sve already identified one each profit-making companies in the US and Europe for potential acquisitions. We are pursuing the acquisition route as entering on own in these markets demands a lot of regulatory clearances. We hope to complete the deals at the earliest as these firms are ready to sell us but we need funds to the tune of USD 10-15 million for these, which is taking time,” Srivatsa told PTI.

He, however, did not give a timeline for these deals saying, “anything can be offered only after we have the funds, which is the only hindrance as of now”.

Prior to this startup, Srivatsa was the ex-CEO of the IPL team of Kings XI Punjab, the COO of Radio Today and the co-founder of ImaginAsian- the first Asian American cable TV network in the US, while Bhatia is the ex-CFO of NetMagic, Digicable and Radio Mirchi.

Radiowalla has accumulated around INR 1 crore which has shown a positive EBITDA since last October. As far as revenue is concerned, Srivatsa said that this fiscal year will see the company earning approximately INR 5 crore as compared to INR 2.5 crore a year ago. Further, the company has projected more than twofold increase in income for the next financial year.

The company is also planning to double its customer base. The list of its leading customers includes all the big retail players like Big Bazaar, Westside, Marks & Spencer’ss, Puma, Shipra Mall, Peter England, Central, the Art of Living Foundation, the Brahmakumaris among others.

Commenting on company’ss foreign operations, Srivatsa said that they are doing well with the per store yield grossing over four times in overseas stores. Radiowalla is also in its advanced stage of launching an interesting technology tool for helping offline retailers achieve closer interaction with their customers. The technology will soon be integrated in the radio service provider’ss existing service platform.

 

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Surabhi Tyagi

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