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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.