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( 04/12/2017 14:05)
Airtel acquires strategic stake in Juggernaut

Bharti Airtel, the country’s leading telecom operator, on Monday said its wholly owned subsidiary Nettle Infrastructure Investments has acquired strategic equity stake in Juggernaut Books, a popular digital platform to discover and read high quality, affordable books and to submit amateur writing.

“The investment is in line with Airtel's endeavour to build an open content ecosystem and bring world-class digital content to its customers,” Bharti Airtel said in a filing to the Bombay Stock Exchange.

The investment from Airtel will enable Juggernaut to ramp up content acquisition and digital marketing and prepare for a subscription offering launch in the next few months, it said.

Commenting on the development, Badal Bagri, chief financial officer, Bharti Airtel, said, "Juggernaut is an exciting digital platform and complements our content vision. We look forward to working with them and supporting the next phase of their growth journey."

Juggernaut's former investors include Infosys co-founder and current chairman, Nandan Nilekani and Boston Consulting Group India CEO Neeraj Aggarwal. Launched in April 2016, the platform has close to 1 million downloads across Android and iOS.

Speaking of the fundraise, Chiki Sarkar, founder and publisher, Juggernaut Books, said, "We are excited to partner with Airtel in our journey ahead. Airtel has a great understanding of digital content consumption and we have much to learn and benefit from this strategic partnership.”

Meanwhile, shares of company were trading at Rs 487.05 apiece, up 0.79 per cent, on the BSE at 14:10 hours.

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