Helion, TVS back Indian media firm

The India-based venture firms have invested nearly $8m to help 9.9 Mediaworx’s expansion efforts.

Helion Venture Partners and newly established TVS Capital Funds have invested $7.5 million into 9.9 Mediaworx, a diversified Indian media company.

Founded in 2007, 9.9 Mediaworx has print publications that include Digit, The CTO Forum and SKOAR!, while some of its online properties include industry20.com and resolvequery.com.

The investment will be used to drive growth and launch new products and services.

India-focused Helion manages $350 million in assets. It has moved beyond its core focus, technology, and started investing in businesses targeting Indian consumer demand. Earlier this March, it closed its second fund on $210 million.

TVS, a subsidiary of Indian conglomerate TVS Group, made the investment out of the TVS Shriram Growth Fund, a consumer-driven growth capital fund. The fund has raised 5 billion Indian rupees ($116 million; €73 million) from domestic investors and is targeting a final close on 10 billion rupees within the next 12 months. TVS Group, and Shriram Group, a financial services network, are sponsors of the fund with commitments of approximately 500 million rupees each.