Bachchans invest $71 million in Singapore firm
Megastar Amitabh Bachchan and his family have invested around $71 million in Singapore-based file sharing portal, sources have confirmed.
The Bachchans, one of Bollywood's leading families, were making their first significant equity investment in an overseas company. As part of their personal investment, the Bachchans have picked up a minority stake in Meridian Tech Pte Ltd. of Singapore, which owns Ziddu.com, empowering free cloud storage, global wallet, social commerce and social gaming platform startup.
The firm, which also offers a micro payment platform, was founded five years ago by Venkata Srinivas Meenavalli. "Mr Amitabh Bachchan and his family have invested in Ziddu.com at a valuation of around $71 million," said Meenavalli.
He added, "I'm very happy and excited that they have reposed confidence and trust in Ziddu.com." He also said (quoting Google Analytics) that Ziddu was among the top five file-sharing sites across the world, generating 1.2 billion page views with visitors from more than 225 countries. The company logged revenues of $20 million in calendar year 2014. The deal was executed on Monday 15th June.
Based on Google Analytics data, the company says it has generated more than 300 million visitors per month last year.