Sunday, July 14, 2024

Swarajya Raises Rs 3.6 Crore to Fund Expansion and Growth

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Swarajya, one of India’s oldest print publications and now a leading digital platform, has announced a new funding round in its sponsor company, Kovai Media Pvt. Ltd. This round has raised Rs 3.6 crore to support the next phase of the platform’s rapid expansion and growth. Swarajya achieved profitability in the fiscal year 2020-2021.

The funding round was over-subscribed by existing investors. The investors include Venture Finance & Development Corporation (led by Hari Kiran Vadlamani), Meridian Investments (led by Mohandas Pai), and Yuj Bharat Holdings, an affiliate of Yuj Ventures representing the interests of Siddharth Yog. With this investment, Yuj Bharat Holdings becomes the largest shareholder group, holding 38% ownership of the sponsor company.

funding

Amarnath Govindarajan, CEO and Publisher of Swarajya, shared the company’s plans for the new funds. “We plan to use this new capital to significantly expand our editorial team. We will add reporters and staff writers in key cities across India. Part of the funds will also be used to upgrade our technology, including new apps, web properties, and modern customer data platforms. These investments will increase our coverage, direct reporting, and editorial presence, as well as widen and deepen our subscriber base,” said Govindarajan.

He also expressed gratitude to the existing investors. “We are very grateful to our existing investors for their unwavering belief in Swarajya’s mission to provide a platform for reasoned right-of-center discussion and debate. Their support has allowed us to remain editorially independent through challenging times. Their continued backing enables me to re-dedicate myself as Publisher and CEO to Swarajya’s vision and mission,” he added.

Swarajya’s new funding will enhance its ability to cover more stories, offer deeper insights, and maintain its commitment to independent journalism. This expansion and technological upgrade will strengthen Swarajya’s position as a leading media platform in India.

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