Panjim (Goa) [India], Aug 26 (ANI/NewsVoir): At a time of COVID-19 when media businesses in India are shutting shop due to a strain in costs while revenues are dipping, Goa-based startup Kaydence Media Ventures Private Limited (KMV) is close to raising Rs. 5 crore by an offering of 5 per cent equity into the online news portal GoaChronicle.com.
KMV has received a Letter of Intent from Hi-Tech Natural Products (India) Ltd. to acquire 5 per cent equity in the GoaChronicle.com online news portal.
Commenting on the discussions on equity acquisition, Savio Rodrigues, MD & CEO, Kaydence Media Ventures Private Limited, expressed, "After 10-years, we decided to reach out to potential investors because we believe we have created a respectable brand. We were looking at raising Rs. 5 crores by offering 5 per cent stake in GoaChronicle.com. Our intent is to expand our informer networks, enhance our technology, and grow our global presence. We have received the Letter of Intent from Hi-Tech Natural Products (India) Ltd. We are currently in discussion to structure this intent legally."
Speaking on their intent to acquire 5 per cent stake in GoaChronicle.com, Devvrat Sharma, Director, Hi-Tech Natural Products (India) Limited said, "We believe in GoaChronicle.com team. GoaChronicle.com has garnered a cult-like status for its investigative style of journalism globally. With our financial support at this stage, we are confident that GoaChronicle.com will grow to a global brand from India in journalism. We are keen to acquire 5 per cent equity in this online news portal brand."
While India accounts for the majority of GoaChronicle.com viewership, it has a large following among the NRIs in US, UAE, UK, Australia, Canada, Russia and Asian countries like Singapore, Philippines, and Malaysia.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)
DISCLAIMER