Combine to reach consumers across PC Web, SMS and Mobile Internet in multiple Indian Languages
May 4 2010, Mumbai: NetCore Solutions Pvt Ltd has acquired Greynium Information Technologies Pvt Ltd. Terms of the deal were not disclosed. NetCore's founder and Managing Director, Rajesh Jain, had earlier invested in Greynium through his personal venture capital fund, Emergic Venture Capital.
Greynium is a market leader in the Indian languages Internet portals space (under the "OneIndia.in" - http://oneindia.in - brand), and also has a growing position in the online Indian classifieds space (with its Click.in - http://click.in - portal). NetCore is one of India's largest digital communications companies, with its email and SMS solutions being used by over 2,000 companies.
Said Abhijit Saxena, CEO of NetCore Solutions: "Given that local languages are crucial for India, this strategic acquisition will position NetCore well going ahead in building both reach (across Internet and mobile) and revenue (from ads, lead generation, content subscriptions and commerce). Netcore through MyToday has been focused on driving a direct-to-consumer business and this conforms to that objective. Building a large digital consumer base across web, SMS and the mobile Internet will allow NetCore to monetise this base effectively not only across both media as also create opportunities around e-commerce and m-commerce."
BG Mahesh, founder and CEO of Greynium said, "Greynium has been an early pioneer in the local languages space in India. It has a large Internet reach (6+ million monthly unique visitors, on its portals in English, Hindi, Tamil, Telugu, Kannada and Malayalam). This complements the 4 million mobile (SMS) reach that Netcore has through MyToday. Greynium's presence with its senior leadership team in Bangalore will also strengthen the Southern regional office for NetCore."
Said Rajesh Jain, founder and Managing Director of NetCore Solutions: "In India, there is no company which has successfully managed to create a large presence in the consumer space on the Internet and mobile. The future of the Internet in India will be a multi-screen one, defined by services that span the mobile-PC continuum. The combination of MyToday's mobile services and OneIndia's Internet portals creates new opportunities for both consumers and enterprises."
For further information, please contact:
Abhijit Saxena, CEO, NetCore, Mumbai
BG Mahesh, CEO, Greynium, Bangalore