"As initial tranche, RIIHL (Reliance Industrial Investments and Holdings Limited) has subscribed to 30,000 equity shares and 125 compulsory convertible debentures for total cash aggregating to Rs 10.3 million and consequently NEWJ has become subsidiary of RIIHL and the company," RIL said in a late regulatory filing on Tuesday.
NEWJ is a tech-media startup focused on curating and producing video content for the smartphone-obsessed young Indians.
According to sources, RIIHL has acquired majority stake in NEWJ.
"The recent exponential growth of the video content market provides a huge opportunity for innovative visual storytelling in India. The company intends to fill this demand for quality content in the social and digital media space. The venture was founded by a team of young entrepreneurs led by Shalabh Upadhyay," RIL said.
NEWJ will harness this synergy with a data-driven and tech-focused approach in creating a distributed content model, it said.