vJive receives Rs 20cr package from Matrix Partners

New Delhi, Dec 27: The country's first and largest broadband out-of-home (OOH) media and digital signage network vJive has received an initial tranche of Rs 20 crore from Matrix Partners India (MPI) as part of an overall Rs 100 crore investment plan.

''We are delighted to partner with Matrix India for company's funding and this financial backing will further accelerate the expansion plans. We are currently deploying 2,000 digital screens as part of our network and will be scaling this network to 1,00,000 screens in the next few years,'' company's Co-founder and Chief Executive Officer Rajesh Jog said.

With 2,000 screens currently under deployment in retail outlets and malls, vJive is on a major expansion mode to build on its lead as the largest digital broadband OOH network.

MPI is India's first consumer services risk capital fund which focuses on businesses including internet, mobile, financial services, media and entertainment, food and beverage and others.

UNI