Laqshya Media, a privately held out-of-home (OOH) media advertising company, has announced that global private equity firm Warburg Pincus would be investing up to Rs 276 crore in the company over the next 12 months.
Alok Jalan, Managing Director, Laqshya Media, said, “This investment by Warburg Pincus comes at a time when the OOH advertising space is growing dramatically. We will be capitalising on the multiple growth opportunities we see for our business, and accelerate our company’s expansion plans to build our leadership position across India and overseas. We are excited to execute the next stages of our strategy in partnership with Warburg Pincus.”
Julie Johnson Staples, Head of Communications, Warburg Pincus, said, “Outdoor advertising in India is undergoing a period of rapid and transformative growth as the industry consolidates and the quality of assets reaches global standards. We are delighted to partner with Laqshya Media, a recognised leader in this sector.”
As an industry leader, Laqshya intends to continue to invest in developing world-class media assets, focusing on the top cities and infrastructure projects such as airports, transit systems and street furniture, including modern bus queue shelters and pedestrian bridges.
It has actively invested in developing state-of-the-art civic infrastructure such as pedestrian bridges and public toilets in Indore, Hyderabad, Chennai and other cities, and is underwriting such investments by winning long-term contracts for placing advertisements on these assets. Having built a strong business in India, Sri Lanka and the UAE, Laqshya now plans to expand its footprint across the Middle East, Africa and South-East Asia.
Prior to this, Laqshya Media had attracted the first private equity funding in its sector from UTI Ventures in October 2006 to the tune of $10 million.