NDTV Profit, 21st May 2015
Amitabh Bachchan, Abhishek Bachchan Invest in Singapore-Based Startup
Amitabh Bachchan and son Abhishek Bachchan have invested their personal money to the tune of nearly Rs 1.6 crore or $250,000 in Singapore-based Meridian TechPte Limited which runs free cloud storage, e-distribution and micro-payment startup Ziddu.com.
"Mr Amitabh Bachchan and his family have invested in Ziddu.com at a valuation of around $71 million," Venkata Srinivas Meenavalli, founder of the five-year old company said.
Business Today, 21st May 2015
Amitabh Bachchan, family invest $71 million in Singapore-based portal Ziddu.com
Bollywood actor Amitabh Bachchan and his family have invested around $71 million in Singapore-based file sharing portal Ziddu.com, a company official said on Wednesday.
"I am very happy and excited that Amitabh Bachchan has reposed confidence and trust on Ziddu.com," company founder Venkata Srinivas Meenavalli said in a statement.
Business Standard, 21st May 2015
Bachchan family invests in Singapore firm Meridian Tech
The Bachchans, one of Hindi cinema's biggest names, have made their first significant equity investment in an overseas company through the Reserve Bank of India (RBI)'s Liberalised Remittance Scheme (LRS).
The father-son duo, Amitabh and Abhishek, has invested $250,000 (approximately Rs 1.57 crore) in Meridian Tech Pte Limited, a Singapore-based company that runs free cloud storage, e-distribution and micro-payment platform Ziddu.com, at a valuation of $71 million. The five-year-old company has its development centre in Hyderabad.
"The investments were made through two separate accounts - $150,000 from Amitabh's account, and $100,000 from a joint account belonging to Amitabh and Abhishek. We will soon allot a minority stake to the Bachchans," Venkata Srinivas Meenavalli, founder and chief executive of Meridian Tech, told Business Standard.
BusinessLine, 20th May 2015
Ziddu.com plans to raise $15 m, get listed in the US
Hyderabad. Ziddu.com, an online cloud storage and sharing solutions firm, is planning to list its shares in the United States in 2016.
"We are looking at going public in the United States," serial entrepreneur Venkat Meenavalli, who promotes Ziddu.com, told BusinessLine .
The firm, which received its first funding from actor Amitabh Bachchan this week, is looking at raising $15 million in the next round.
The firm, which pays its users for sharing the files uploaded on the site, gets revenues from advertisements. The Singapore-based firm has given away rewards worth $1 million to its users.
Financialexpress, 20th May 2015
Amitabh Bachchan, son pick up stake in Singapore-based Ziddu.com
Bollywood megastar Amitabh Bachchan and his son Abhishek Bachchan have jointly invested USD 250,000 (about Rs 1.6 crore) in Meridian TechPte Limited, a Singapore-based company that runs free cloud storage, e-distribution and micro-payment platform Ziddu.com.
Venkata Srinivas Meenavalli, founder and chief executive of Meridian Tech said Bachhans are expected to invest some more amount in the company in the coming days.
Economictimes, 20th May 2015
Bachchans pick up stake in Singapore-based Ziddu.com!
MUMBAI: Of all people, the Bachchans, one of Bollywood's leading families, found themselves in the middle of the seeming tension between the Reserve Bank of India and the finance ministry as they went about 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 of Singapore, which owns ziddu.com, a free cloud storage and e-distribution 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. I'm very happy and excited that they have reposed confidence and trust in Ziddu.com," Meenavalli said in response to text messages from ET.