ENIL buys significant minority stake in music platform Spardha

This is ENIL’s first external investment, and with this move, the company has signalled its interest in strategic investments to build shareholder value in the long term.

Commenting on this investment, ENIL chief executive Yatish Mehrishi said: “Even as we transform into a mobile-first entertainment brand and are busy building out our Mirchi Plus app engine, we are keen to explore a number of new areas. We can build those in-house, or we can invest outside. E-learning was one such space that we were interested in building from a D2C standpoint, but it was best that we invest in a sector leader like Spardha, rather than build inside ENIL.”

Founded in 2020, Spardha is a platform that caters to individuals with specific learning demands and aims to reinvent the music learning space by addressing problems in music education.

Spardha offers three types of courses: for beginners starting at an early age, music enthusiasts across age groups, and for individuals pursuing music as a career.

The platform not only focuses on making sure that students have a full curriculum and certified trainers, but it also ensures that they have a smooth virtual classroom experience.

Saurabh Srivastav, founder-director and CEO of Spardha, said: “We at Spardha strongly believe that there are multiple opportunities where Spardha and Mirchi can collaborate in the common interest of helping Spardha grow faster and improve its brand visibility in the market. Mirchi has a strong presence in many international markets, where Spardha is focusing for the next level of growth.”

Mirchi’s strong international presence will help Spardha optimise its branding and marketing strategies to penetrate deeper into those markets at a faster pace, he said.

“Spardha looks to gain from Mirchi’s prowess in building strong consumer-facing brands, its deep engagement with the film and music industries, as well as its ad revenue and B2B sales ecosystem,” said Srivastav.