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TIW Private Equity acquires majority stake in Digital Refresh Networks

Business Finance

Press Trust of India  |  New Delhi 

TIW Private Equity on Wednesday said it has acquired a majority stake in Mumbai-based digital platform management firm Digital Refresh Networks for USD 6 million.

"The deal size is about USD 6 million, giving Digital Refresh bandwidth to strengthen their core services and for acquisitions," a statement said.

Digital Refresh Networks (formerly Digital F5) was founded in 2011 by Ravi Dubey and Barin Mukherjee.

The company plans to utilise the proceeds from the investment to strengthen its expertise in content creation, the statement said.

* * * * *

3rdFlix raises $5 mn led by Exfinity Ventures *

3rdFlix Visual Effects Pvt Ltd, a Hyderabad-based edu-tech company, on Wednesday said it has raised USD 5 million, led by Exfinity Ventures.

The pre-series A round also saw participation from YourNest, IDFC Parampara and HNIs.

3rdFlix was founded in 2014 by Subbarao Siddabattula, Ilangovel Thulasimani and Charu Noheria. The company uses visual effects and technologies such as machine learning, artificial intelligence, augmented/virtual reality to create life-like intelligent shared experiences for enhanced learning.

3rdFlix plans to use the capital raised to increase its current market penetration from over 1.5 lakhs in 6-12th segment and launch immersive and experiential content later this year, the statement said.

The company also plans to launch in international markets in the next 18 months, particularly the US, Africa, UAE, and South East Asia (SEA).

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Cashflo raises $3.3 mn in funding *

CashFlo on Wednesday said it has raised USD 3.3 million in series A funding from SAIF Partners, and select angel investors including Ashish Iyer and Arpan Sheth among others.

The infusion of new funds will further be utilised for business expansion, platform enhancement and building a high calibre team to champion their robust growth plans, a statement said.

The company aims to reach about 75 employees in the next 24 months, it added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, September 04 2019. 19:55 IST