Japan’s SoftBank Expands In India With ScoopWhoop Deal, Eros Connection
Bharti SoftBank, a joint venture between India’s Bharti Enterprises and Japan’s SoftBank, has taken a 36.5% stake in Indian startup ScoopWhoop, which operates Web-based entertainment and news. Terms of the deal were not disclosed.
ScoopWhoop aggregates social media-driven content about the entertainment industry and claims 20 million page views per month, over half of which are accessed by mobile, and 8 million unique visitors.
It is the third acquisition in India by units of SoftBank inside the past week. Its SoftBank Internet and Media Inc. unit is to be the largest investor in Indian ecommerce company Snapdeal, with a total investment of $627 million. SIMI and other existing investors are to invest $210 million in ANA Technologies, operating as Ola Cabs, an Uber-like taxi company with 33,000 vehicles in 19 cities on its books.
SoftBank has said that it could invest up to $10 billion in India over the coming years.
In a separate development, leading Bollywood distributor Eros International has proposed Rajeev Misra as a board director, replacing Michael Kirkwood, who is retiring. Misra was appointed head of strategic finance for SoftBank, effective from today Nov. 3, 2014.