Mumbai-based digital marketing company, Digital Refresh Networks (formerly Digital F5) has raised about $6 Mn in funding from buyout fund TIW Private Equity. The company will use these funds to strengthen its core services and acquisitions.
Digital Refresh Networks was founded Dubey and Barin Mukherjee in 2011. It claims to enable the delivery of brand’s marketing objectives on the web, mobile and social media through communication and commerce applications, audio-video and customised digital solutions.
Commenting on the investment, managing partner and chief investment officer of TIW Private Equity, Mohit Ralhan said, “We believe that the macro for digital consumption, driven by higher internet adoption and evolving consumer behaviour, is fairly solid. Significant value can be unlocked in this space by focusing on cost efficiencies around operating processes and through acquisitions.”
TIW Private Equity, which is a sector agnostic buyout private equity fund that focuses on consumption-driven sectors, claims to help entrepreneurs improve their companies’ margin profiles. The fund has made investments across sectors ranging from FMCG, media, education, digital platforms, financial services, real estate to manufacturing consumption.
Digital Marketing In India
Besides the Indian government’s continuous impetus for internet penetration through the Digital India programme, private sector initiatives such as Google wi-fi at 400 railway stations, Vodafone’s SuperWi-fi coupled with the entry of Reliance Jio 4G services have drastically brought down the cost of internet subscription. This has been instrumental to the growth of internet users in India.
Mary Meeker’s 2019 Internet Trends Report has estimated India to have 12% of the total global internet users base which has touched 3.8Bn. This growth in the number of internet users has also impacted the growth of digital marketing opportunities in the country.
According to IBEF, India’s digital marketing and advertising sector are expected to grow at a CAGR of 33.5% to reach the $3.8 Bn mark by 2020. In the digital marketing space, Digital Refresh competes with companies such as SVG Media, Pinstorm, Techshu, Reprise Media, Webchutney, and iCubesWire.