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ValueFirst buys Indyarocks
ValueFirst buys Indyarocks
By: iMedia News Bureau

After acquiring Way2online, which owns and operates and, digital media company ValueFirst has acquired a majority stake in online social networking site reported by Medianama)

The filings suggest that ValueFirst will acquire 42,50,939 Equity Shares of Indyarocks. ValueFirst had previously picked up 511,880 shares in Indyarocks at Rs 39.18 (inclusive of the nominal amount of Re 1 per share) on 29th March 2010. At the same price, 4,250,939 shares would cost ValueFirst around Rs 16.65 crore.

Hyderabad based Indyarocks had raised strategic investment from ValueFirst in May 2010. Indyarocks has been a good performer in mobile social networking space and has been using ValueFirst bulk sms service for the service updates to users.

Indyarocks reported a total income of Rs 1.85 crore in FY11, up from Rs 1.05 crore in FY10, while losses increased to Rs 3.32 crore in FY11, up from Rs 2.74 crore in FY10.

Earlier ValueFirst was just a messaging company – now it is a multi-modal communications company using SMS, Voice, USSD, email, GPRS and WAP as bearer protocols. It was just an Enterprise VAS Company taking baby steps in Mobile Marketing – now it is also in Operator VAS, m-commerce and consumer segments with a profitable mobile marketing business.

The Ways2online acquisition makes ValueFirst the largest digital media company in the country in terms of revenues, as well as number of users. With this acquisition, ValueFirst crossed 50 million profiled registered users, added 40,000 fresh registrations daily and is expected to earn Rs 250 crore as revenue this financial year.