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Singapore-based angel investor group CCube Angels has invested an undisclosed amount to buy a minority stake in Noida-based start-up MyAdCorner.com.
Run by Adception Infotech Pvt Ltd, MyAdCorner is an online platform for newspaper advertisement booking. It provides a list of advertisement options and an interface to create and book advertisements. The company was co-founded in mid-2010 by IIT Delhi alumnus Rohit Garodia and Prateek Shrivastava.
Garodia, who serves as the CEO of the firm, said, "We see a huge need for an aggregator of print ad network as this industry is highly fragmented. With more than 1,500 national and regional newspapers spread across India, there is no one-stop shop to serve them all. Additionally, a great product and relevant tools, combined with excellence in client servicing, would be the key for amassing a huge recurring client base."
CCube currently has more than 65 members, mainly from the capital markets and financial services sector, with investment experience across various asset classes. This deal is the second one struck by the group in the past three months.
The group recently invested in Simbus Technologies, a Bangalore-based IT company. CCube provides scale-up capital between $250,000 and $1 million (Rs 1.25 crore-Rs 5 crore) to early-stage companies.
According to Prashant Kothari, one of the member angels, Adception has a differentiated and fairly unique business opportunity with a strong and dedicated management team. "Their aggregation model will bring tremendous value to small advertisers in the country - both in terms of cost and time-saving. It will also ensure a superior way of doing their media planning and execution," he added.
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