RP Sanjiv Goenka group picks up a 51% stake in news app Editorji
Kolkata-based RP Sanjiv Goenka Group (RPSG) has acquired a 51% stake in AI-powered news app Editorji for an undisclosed sum.
Launched in 2018 by former chief executive officer of NDTV Ltd and news anchor Vikram Chandra, Editorji Technologies Pvt. Ltd is valued at an estimated $10 million. Without divulging the contours of the deal, Sanjiv Goenka, chairman of RPSG, said his company has acquired a majority stake in the online news platform.
“We had been working independently to start our own digital news venture. But Editorji came as a readymade opportunity. The way it is structured is very interesting as it is an AI-driven model. It gives simple news without judgement,” he said. Chandra will continue to be managing director and run the business. “We built the back-end technology and we needed scale. We have finally found a home in RPSG,” Chandra said commenting on the deal. “The primary infusion will give us a runway of up to two years. We have big plans including launching an AI driven product for advertisers.”
Mint publisher HT Media Ltd and Bharti Airtel Ltd were early investors in Editorji with close to 5% and 8% stake in the company respectively.