ENIL buys stake in music e-learning platform Spardha
The company said that the partnership signals its interest in strategic investments to build shareholder value in the long term
Entertainment Network India Limited (ENIL), which operates the FM radio channel Mirchi, has acquired a significant minority stake in music e-learning startup Spardha. This is ENIL’s first external investment. The company said that this partnership signals its interest in strategic investments to build shareholder value in the long term. Also, this would make Mirchi’s own digital transformation as a mobile-first entertainment brand.
Spardha, founded in 2020, caters to individuals with specific learning demands and addresses problems in music education. The music e-learning startup offers various courses for all age groups by curating an extensive curriculum and onboarding certified trainers for students.
Speaking about the investment, ENIL CEO Yatish Mehrishi, was quoted by media reports saying that the company is keen to explore a number of new areas and e-learning was one such space. “Over the past two decades, Mirchi has become synonymous with best-in-class music and entertainment. Even as we transform into a mobile-first entertainment brand and are busy building out our Mirchi Plus app engine, we are keen to explore a number of new areas. We can build those in-house, or we can invest outside. E-learning was one such space, that we were interested in building from a D2C standpoint, but it was best that we invest in a sector leader like Spardha, rather than build inside ENIL”, Mehrishi said.
Spardha founder-director & CEO Saurabh Srivastav expressed happiness over the partnership with Mirchi and said that Mirchi’s strong presence in the markets will help Spardha optimise its branding & marketing strategies to penetrate deeper into those international markets at a faster pace. “I feel thrilled about this new partnership with ENIL. We at Spardha strongly believe that there are multiple opportunities where Spardha & Mirchi can collaborate in the common interest of helping Spardha grow faster & improve its brand visibility in the market”, Srivastav said.
“Spardha looks to gain from Mirchi’s prowess in building strong consumer-facing brands, its deep engagement with the film & music industry as well as its ad-revenue and B2B sales ecosystem. On behalf of team Spardha, I would like to thank ENIL management for their investment in Spardha. Looking forward to an exciting & successful partnership with Mirchi”, Srivastav further added.
