Intel Capital, the global investment arm of Intel Corporation, has invested in Tag Media Network, which operates India’s first in-store television network. Intel Capital’s funding will help accelerate Tag Media Network’s expansion, secure new staff and strengthen its sales and marketing initiatives.
According to Dan Ginsburg, CEO, Tag Media Network, since its launch a year ago, Tag Media Network had established itself as the first and largest retail television network in the country with a reach of over 10 million shoppers across 250 stores, and worked with well-known retail companies such as Spencer’s, Trinethra, Foodworld, and Trumart.
He said, “Intel Capital’s investment will allow us to quickly expand our store presence and provide innovative programming to consumers. We are especially pleased because as an investor, Intel Capital provides access to increased technological resources, which will help us maintain and enhance our leadership position in the in-store television field in India.”
Arvind Sodhani, President, Intel Capital, said, “The Indian in-store television market has grown exponentially in the last year, and Tag Media Network has been at the forefront of that expansion. This investment illustrates Intel Capital’s commitment to India and our ongoing interest in fostering growth.”
Recent statistics from Technopak Advisors estimate that modern trade would grow from 3 per cent of retail to 27 per cent by the year 2015 in India, reaching $239 billion in sales. Ginsburg added that Tag Media Network had formed an alliance with four major players in the modern trade industry, and was already the leading in-store retail television network in India in terms of viewership. “Tag Media Network hopes to expand its operations exponentially over the next financial year and by March 2008, to increase its reach to 30 million footfalls across 750 stores nationwide,” he said.
Bunty Peerbhoy, Chairman, MAA Group Holdings, and Vice Chairman, Tag Media Network, said, “Intel Capital’s investment in Tag Media Network enables us to keep moving our business ahead and continue our leadership in in-store television media. We are also excited about the valuable expertise that Intel can provide to the technology side of the business.”
According to Sudheer Kuppam, MD for India, Japan, Australasia and South-East Asia, Intel Capital, “Media and technology are converging more than ever and it is becoming a highly competitive space in India. We believe in-store television advertising is at an inflection point, with organised retail set to take off and hope that our investment will help Tag Media Network to capitalise on this growth opportunity.”