The agreement sees IvyCap, which is backed by the IIT Alumni Network, become the lead investor in RML with Thomson Reuters remaining as a shareholder and partner in the newly formed RML Information Services Private Limited.
Terms and conditions of the transaction were not disclosed.
Amit Mehra, founder and managing director of RML, will continue to be the CEO of RML Information Services Private Limited and provide management continuity for the business.
RML supports both companies’ aims to deliver innovative services that support the development of the local communities they serve.
Established in 2007, Reuters Market Light pioneered the multi-award winning service that provides agricultural, weather, market price and crop information over mobile phones to the farming community.
Today, RML has reached more than 1 million unique subscribers across an estimated 50,000 villages and 17 states.
Vikram Gupta, founder and managing partner, IvyCap Ventures said, “We are looking forward to adding significant value through our network of relationships across the value chain of RML.”