Live Post
McDonald’s to shut down 169 outlets in India
Triple talaq violates rights of Muslim women: SC
WhatsApp Coloured Text Status Now Rolling Out to Android and iPhone
Airtel to launch its own Rs 2500 4G smartphone before Diwali
Sasikala uses 'barricaded corridor' in jail premises as private space, claims former DIG Roopa
Police verification for passport to go online within a year
'Routine run' kills second IMA cadet in 2 days; 5 in hospital
MLAs supporting TTV Dinakaran meet Governor, demand Palaniswami's removal

Amitabh Bachchan & family invest in Ziddu.com

MUMBAI: Bollywood stars are becoming investors. Amitabh Bachchan had tried growing AB Corporation Ltd (ABCL) years ago, but it hit the wall soon. Now the Bachchan family has taken a minority stake in Singapore-based Meridian Tech Pte.

This will give the Bachchans a holding in ziddu.com, a free cloud storage and e-distribution startup. Apart from ziddu.com, Meridian Tech, founded by Venkata Srinivas, also runs a micro payment platform.

The Economic Times has reported that the deal has valued ziddu.com at around $71 million. The business daily has learnt that shares of Meridian were bought for $252,000 using funds in two accounts — a single account of Bachchan Senior and a joint account he shares with son Abhishek.

According to the ET report, the company logged revenues of $20 million in calendar year 2014. The deal was executed on Monday.

Abhishek Bachchan has already made investments in sports properties. In Pro Kabaddi League, he owns a team franchise, Jaipur Pink Panthers. He also is a co-owner of Chennaiyin FC, an Indian Super League football franchise.