Telecom service provider Bharti Airtel has acquired a strategic stake in Juggernaut Books, a popular digital platform for reading, and publishing books. The investment from Airtel will enable Juggernaut to ramp up content acquisition, digital publishing & marketing and prepare for a subscription offering launch in the next few months.
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.”
Founded in 2016 by Chiki Sarkar, Delhi-based digital publishing startup Juggernaut Books is a mobile reading app hosting books across various categories like non-fiction, fiction, crime, reference, business, romance and so many more. The platform has close to 1 Mn downloads across Android and iOS.
Speaking of the fundraise, publisher, Chiki Sarkar 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”.
Juggernaut’s former investors include Infosys co-founder and current Chairman, Nandan Nilekani and Boston Consulting Group India CEO Neeraj Aggarwal. In May 2017, the writer’s platform went live to offer amateur writers the ability to publish their content digitally and even stand a chance to win publishing contracts. The writer’s platform, in the past six months, has received just under 500 stories with nine of them securing publishing contracts.
Why Are Telecom Companies Buying Digital Publishing Companies?
The investment is in line with Airtel’s endeavour to build an open content ecosystem and bring world-class digital content to its customers, said Bharti Airtel in a company statement.