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UTI Venture Funds invests $10 mn in Laqshya Media

06-November-2006
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UTI Venture Funds invests $10 mn in Laqshya Media

UTI Venture Funds, one of the leading private equity firms, has announced an investment of $10 million in India’s outdoor media company, Laqshya Media Pvt Ltd. This is the first investment by a private equity firm in the Indian outdoor media sector. Enam Financial Consultants acted as investment bankers to the transaction.

Laqshya Media was founded by Alok Jalan and Anup P Jalan in 1997 and has grown to be amongst the top three OOH advertising firms in India and is also one of the leading independent outdoor media firms.

Raja Kumar, CEO and Managing Director, UTI Ventures, said “Laqshya’s track record, deep understanding of the Indian outdoor advertising industry and strong vision of the founding team will help the company achieve significant success. We believe that the ‘out of home’ advertising industry in India is poised for a very rapid growth. Huge urban infrastructure expansion, consumerism, technological innovations and increased acceptability of the benefits of this medium will drive the industry’s growth. We are excited to be partnering Laqshya in building a potential industry leader.”

Alok Jalan, CEO and Managing Director, Laqshya Media, said, “We are happy being partnered by UTI VF as we see UTI VF bringing lot of experience and value to the table. Till the recent past, outdoor media was considered to be an unorganised media. But now it has been transformed into best value for money media for advertisers. With Indian economy witnessing a high growth trajectory, retail boom and infrastructure development, we see out of home media growing at an exponential pace.”

“UTI Ventures has a very good track record and huge experience, which we shall use to benchmark ourselves with the best in the industry. It will help us in getting competitive advantage in terms of refining our existing systems and processes,” he further said.

Laqsya Media would be laying stress on outdoor media ownership. When queried as to how the money invested by UTI would be used, Alok Jalan said, “We shall use the money received to increase our quality outdoor media assets across country, invest in technology and research, which will help us become one of the most respected OOH media companies in India.”

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