ALTBalaji, a wholly-owned subsidiary of Balaji Telefilms, has acquired a 17.5% stake in the online celebrity digital engagement platform, Tring. Launched in February 2020, Tring has become one of the leading players in the celebrity video shout-out space. The investment by ALTBalaji values the company at around Rs 100 crore.
Founded by Akshay Saini, Rahul Saini and Pranav Chabhadia, Tring has over 2,000 celebrities, who offer personalised video shout-outs or messages, live video calls, DMs on Instagram etc. for personalised two-way engagement with their fans.
“Having been in the business of entertainment for more than two decades now, we value the bond between celebrities and their fans,” said Ekta Kapoor, joint MD, Balaji Telefilms. “Both, ALT Balaji and Tring, work with talent and try to bring them a step closer to their fans and vice versa. We believe, this synergy will work in favour of both the brands and help each other widen their reach. We believe in the talented team at Tring, which has immense potential to take the business to new heights,” she concluded.
As part of this transaction, ALT Balaji will be entitled to appoint one board member to represent them on the board of BD Inno Ventures (the parent company of Tring).
Tring’s existing investors include producer Atul Kasbekar, as well as angel investors Kalyan Krishnamurthy (CEO, Flipkart), Sujeet Kumar (CEO, Udaan), Gaurav Munjal (CEO, Unacademy), Roman Saini, Hemesh Singh, Sumit Jain, Dinesh Godara (founding team, Unacademy), Keshav Sanghi (Ventureworks India), and Dalbir Saini (chairman, BDI Group), among others.