Entertainment Network India Limited (ENIL), the operator of Mirchi FM radio channel, has acquired a substantial minority stake in the music e-learning startup Spardha, marking ENIL’s inaugural external investment. The move reflects the company’s commitment to strategic investments aimed at enhancing shareholder value in the long term and facilitating Mirchi’s digital transformation into a mobile-first entertainment brand.
Established in 2020, Spardha specializes in catering to individuals with specific learning needs, addressing challenges in music education. The startup offers diverse courses for all age groups, curating a comprehensive curriculum and enlisting certified trainers for students.
ENIL CEO Yatish Mehrishi stated in media reports that the company is exploring various new areas, with e-learning being a key focus. “Mirchi has evolved into a symbol of top-tier music and entertainment over the past two decades. As we transition into a mobile-first entertainment brand and develop our Mirchi Plus app engine, we are eager to explore new domains. While we could build these internally, investing in a sector leader like Spardha, rather than developing in-house, was deemed the optimal approach for e-learning,” Mehrishi explained.
Saurabh Srivastav, Founder-Director & CEO of Spardha, expressed delight about the partnership with Mirchi and anticipated that Mirchi’s strong market presence would aid Spardha in optimizing its branding and marketing strategies for quicker penetration into international markets. Srivastav highlighted the potential for collaboration between Spardha and Mirchi, emphasizing the mutual goal of fostering Spardha’s rapid growth and improved brand visibility.
“Spardha aims to leverage Mirchi’s expertise in building robust consumer-facing brands, its extensive connections in the film and music industry, as well as its advertising revenue and B2B sales ecosystem. The Spardha team extends gratitude to the ENIL management for their investment, eagerly anticipating an exciting and successful partnership with Mirchi,” Srivastav added.
