Gozoop acquires social media agency Red Digital
With this, Gozoop takes over Red Digital's ops. Gozoop plans to invest $2 million to expand its international presence in markets like the US, Australia and Qatar
Indian bred multinational digital agency Gozoop has announced the acquisition of social media agency Red Digital. With this business acquisition, clients and employees of Red Digital will be consolidated under the Gozoop brand, thus fortifying the latter’s Indian operations.
The acquisition is in line with Gozoop’s strategy of increasing the revenue contribution from its Indian operations. Over the past few years, Red Digital has worked for brands such as Mumbai Indians, Dell, PepsiCo, BMW, Parker Pens, Adidas, PVR, Godrej, Berger Paints, Reliance Foundation, Educomp, Citibank, ICC and Discovery Channel.
The acquisition of Red Digital will play a pivotal role in Gozoop’s global expansion in terms of operations and client portfolio. Currently, 65 per cent of Gozoop’s revenue is attributed to its international operations in the UAE and Singapore. Post the acquisition and with a total of 65+ retainer clients, Gozoop aims to double its Indian revenue in the next financial year. Gozoop’s domestic operations will now contribute close to 50 per cent of revenues, an increase of 50 per cent from earlier. The acquisition will also increase the employee strength of the company to about 100 members.
Commenting on acquiring Red Digital, Ahmed Naqvi, Managing Director (India) and Co-Founder of Gozoop said, “Gozoop has always aspired to be a market leading digital agency and this deal will exponentially accelerate our ability to realize that ambition by giving us access to newer geographies across India. We expect further consolidation in our industry and look forward to acquiring digital agencies to fuel our growth in India as well as to enter international markets like the US, Australia and Qatar.”
Implication of the deal for Red Digital
Given Gozoop’s end-to-end digital solutions and in-house social loyalty and analytics tools such as Zozolo, the agency is well positioned to provide a more holistic and integrated approach to managing the digital presence of Red Digital’s clients, shared an official release.
Bhavit Sheth, Co-Founder of Red Digital will be actively involved during the transition period to ensure a smooth process.
Following the deal, Gozoop will increase its presence to Delhi, Bangalore, Chennai and Kolkata, in addition to its current presence in Mumbai, Dubai and Singapore. Over the next three years, Gozoop plans to utilise over $2 million to venture into international markets like the US, Australia and Qatar.
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