Music label Saregama has acquired a majority stake in digital entertainment company Pocket Aces Pictures. Separately, Stakeboat Capital has hit the final close of its second fund at about $127 million.
Saregama to buy Pocket Aces
Music label Saregama has acquired a majority stake in digital entertainment company Pocket Aces Pictures, owner of Dice Media. Saregama will acquire 51.8% shares for around Rs 174 crore with plans to further acquire another 41% stake in the next 15 months.
“This acquisition will further strengthen Saregama’s strategic ambition to take a leadership position in new music across all Indian languages,” Saregama said. Pocket Aces has raised more than $20 million from investors including Peak XV Partners, 3one4 Capital and DSP Mutual Fund.
Stakeboat Capital closes second fund
Private equity firm Stakeboat Capital has hit the final close of its second fund at about $127 million, said Chandrasekar Kandasamy, managing partner.
Stakeboat’s new and existing investors, including SIDBI (Small Industries Development Bank of India), Self Reliant India (SRI) Fund, National Bank for Agriculture and Rural Development (NABARD), Biotechnology Industry Research Assistance Council (BIRAC) and family offices and HNIs invested in the fund.
The firm hit the final close of its debut fund of $32 million in February 2019.
Some of its portfolio companies include LEIXIR DENTAL GROUP, Sankalp Semiconductor, LeadSquared, Dvara KGFS, and Ozonetel Communications.