NewJ which is a media startup raises INR 1.3 Cr from RIIHL (Reliance Industrial Investments and Holdings Limited) which is the subsidiary of RIL (Reliance Industries Limited). With this latest investment, it has acquired majority stock in the startup the exact stock has not yet confirmed by both companies.
NewJ has given its 30,000 equity shares and 125 compulsory convertible debentures for the raised amount. After RIL investing INR 1.3 Cr in NewJ (New Emerging World of Journalism) it also became subsidiary of it.
Tech media startup NewJ mainly focuses on the content of social media, smart phones, and digital media. In the current market, video content is making a huge market, and storytelling is making a good market in India.The startup came into the market in early 2018.
Ril always interested in investing Indian startups mostly. This year RIL made its contribution to the startup ecosystem in the country like INR 3,000 Cr for Odisha to develop digitally and in Netradyne which is an AI startup. RIL also acquired 37.4% stake in Netradyne.