Media & entertainment space gets new PE fund, raises INR 500 crore
The advisory body includes industry veterans and financial services experts like Prahlad Kakkar, Raadhika Sarathkumar, Ramnath Pradeep & Rajesh Gupta
India Media Entertainment Fund (IMEF) will raise Rs 500 crore to provide both equity and non-convertible debentures (NCD) to early-stage companies in content, distribution platforms and services.
According to the media reports, the PE fund has appointed industry veterans and financial experts including Prahlad Kakkar, MD of Red Chillies Entertainment & KKR Sports; actress & entrepreneur Raadhika Sarathkumar; Ramnath Pradeep, former chairman and MD of Corporation Bank; and Rajesh Gupta, senior partner of law firm SNG Partners to the advisory body.
Its founder and partner Parth Gandhi, former managing director of the $825 million fund AION, a joint venture between ICICI Venture & Apollo Management, and CP Khandelwal, chairman of the Systematix Group, will oversee and run the fund that intends to leverage the huge growth in the media and entertainment sector.
The fund is expected to close its first deal in the next 90 days, according to the sources.
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