Screwvala Exits Digital Media Venture Arré; Enam Steps in
Mumbai: Entrepreneur Ronnie Screwvala has exited from Arré, a digital media venture he cofounded with former Network18 executives B Saikumar and Ajay Chacko. Enam Group has picked up a minority stake in the firm that launched its online platform three weeks ago.
This is the second shareholding restructuring of Arré in about two months. In February, Saikumar had taken controlling stake while Sanjay Ray Chaudhuri had come in as a cofounder in the company that was formed in January 2015.
Now, other cofounders, along with the Enam Group, have acquired the residual stake held by Screwvala, and his private equity firm Unilazer Ventures.
“Enam’s investments will be used in the organic build out of Arré’s content, the overall product offering and facilitate scaling into a significant player in the digital content business,” the company said.
Saikumar, MD of Arré, said, “Arré and Enam have a unified vision of making Arré the definitive multigenre, multi-format digital destination for a whole new world of digital consumers pan-India and going forward in geographies outside India.”
Arré offers original content across video, audio, text and doodles in various genres such as fiction, factual entertainment, documentaries and social experiments.