For the first nine months of 2022-23, the FDI remittance in the I&B sector amounted to ₹2,925 crore.
Several media and advertising companies, including Dentsu India, MediaCom, Amagi Media Labs, Qyou Media India, and Triple Com Media received FDI through both the automatic and acquisition of existing shares routes during the December quarter.
Bengaluru-based media tech company Amagi Media Labs secured FDI worth ₹582.5 crore from General Atlantic Singapore AML Pte Ltd, as per DPIIT’s statement on remittance-wise details on FDI equity inflow under the Reserve Bank of India’s automatic route. UK-based Dentsu Pacific Ltd invested ₹408.4 crore in Dentsu Aegis Network India under this route. SelfX India, a Delhi-based advertising company got ₹40 crore from US-based SelfX Innovations.
Canadian media company Qyou Media Inc infused FDI worth ₹7.5 crore into its India unit Qyou Media India. Singapore-based KK Meadows Pte Ltd invested ₹4.2 crore in former Sony Entertainment Television CEO Kunal Dasgupta’s Triple Com Media Private Ltd.
DPIIT’s statement on remittance-wise details of FDI equity inflow under the acquisition of shares route shows that General Atlantic Singapore AML Pte Ltd cumulatively invested ₹227 crore in Amagi Media Labs.
WPP-backed MediaCom Communications cumulatively received ₹120 crore from WPP’s Dutch subsidiary Russell Square Holding BV under this route.In October 2022, WPP had taken full control of MediaCom by acquiring a 26% stake in the company from the Balsara family, promoters of Madison Communications. MediaCom has since been rebranded as Essence MediaCom India.