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Quint Digital Media and News Laundry Media will invest Rs 3.84 crore in Spunklane Media, which owns and operates South India focussed digital news platform The News Minute. Quint Digital Media will invest Rs 1.84 crore while News Laundry Media will invest Rs 2 crore in Spunklane.
In a regulatory filing, Quint Digital said that the transaction will get completed within a period of 18 months from the date of signing of agreements. As per unaudited financial statements drawn on March 31, 2022, the turnover of Spunklane stood at Rs 4 crore.
Quint Digital Media currently owns a 47.92% equity stake in Spunklane. Its shareholding will remain unchanged post the fund infusion into Spunklane. The Quint Co-Founder and MD Ritu Kapur is a Director in Spunklane.