ALTBalaji (1), a Balaji Telefilms Limited subsidiary, has acquired a 17.5% stake in Tring, an online celebrity digital engagement platform, for an undisclosed amount. While commenting on the investment, ALTBalaji stated that Tring is a market leader in the celebrity video shoutout space. Moreover, they have valued Tring at approximately 100 Crore INR in a short period of its launch in February 2020.
The existing investors of Tring include Atul Kasbekar, photographer and movie producer, Flipkart CEO Kalyan Krishnamurthy, Udaan CEO Sujeet Kumar, Unacademy CEO Gaurav Munjal, Founding team of Unacademy including Roman Saini, Hemesh Singh, Sumit Jain, Dinesh Godara, Keshav Sanghi of Ventureworks India, Dalbir Saini, the Chairman of BDI Group, and others.
Tring is the brainchild of Akshay Saini, Rahul Saini, and Pranav Chabhadia. It allows users to book personalized video messages, Q&A sessions, shoutouts, chat messaging, live wishes on radio, and other engagement services from their favorite celebrities. It includes movie stars, TV stars, musicians, sports personalities, influencers, and youth icons.
ALTBalaji to Increase the Value Between Fans and Celebrities with the Investment
Ekta Kapoor, the joint Managing Director of Balaji Telefilms Limited and ALTBalaji stated that the firm has been in the entertainment business for more than two decades. They understand and value the bond between fans and celebrities.
Both ALTBalaji and Tring are working with talent and helping them take a step closer to their fans and vise-versa. The team believes that it would work in favor of both brands and widen each other reach. We think that Tring has an immense potential to take the business to a new height, added Ekta Kapoor.
As part of the investment deal, ALTBalaji would be able to appoint one board member to represent the firm on the board of B D Inno Ventres Pvt Ltd, the parent entity of Tring. The latest investment of ALTBalaji may, in the space, has the potential to strengthen the possibility of celebrity business in the country.