Raghav Bahl to infuse $21.5 mn into Quintillion Media in three tranches
MUMBAI: Media veteran Raghav Bahl will be investing $21.5 million in his digital media venture Quintillion Media Pvt Ltd, as per the regulatory filings sourced by paper.vc.
The investment will be made in three tranches with the company already receiving the first tranche of $7.2 million. The financial news platform stated that this is the largest infusion of capital by Bahl into the company.
It further stated that Quintillion Media had received two consecutive investments in March and April this year totalling $14.36 million.
“In total, Bahl appears to be deploying $36.13 million in capital, an unprecedented investment, especially when you take into consideration the cumulative investment since the founding of the company amounts to $21.5 million,” said paper.vc founder Vivek Durai.
Incorporated in August 2014, Quintillion Media’s authorised share capital is Rs. 130 crore and its paid-up capital is Rs. 85 crore. The self-funded company is promoted by its founders Raghav Bahl and Ritu Kapur.
Bahl and Kapur founded Quintillion Media after exiting the Network18 Group following Mukesh Ambani-promoted Reliance Industries’ takeover.
It runs the digital news platform The Quint and Quint Hindi. The Quint, which started off as a Facebook page publishing news in 2015, completed four years in March this year.
It is pertinent to note that Bahl has been under the scanner of the Income-Tax Department and the Enforcement Directorate over alleged money laundering.
Recently, the Enforcement Directorate had filed a money laundering case against Bahl for alleged laundering of funds to purchase an undisclosed foreign asset. The case was filed under the Prevention of Money Laundering Act (PMLA).
The Enforcement Case Information Report (ECIR) was filed after going into the merits of the I-T department charge sheet and the evidence recorded in it.
The I-T Department had recently filed a charge sheet against Bahl before a court in Meerut under the provisions of the anti-black money law or the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act of 2015.
Bahl had denied allegations of wrongdoing and stated that he has made full disclosures and has paid taxes on these incomes. In a letter to Finance Minister Nirmala Sitharaman, he alleged that he was “getting the sense of being hounded for doing no wrong despite paying all taxes honestly and diligently.”