Music company JMD Telefilms has acquired Mumbai-based Bajaao.com for Rs 5 crore and plans to invest a further Rs 25 crore in the business to expand its operations. Bajaao.com is five-year-old internet enterprise that sells music gears including guitars, keyboards, percussion and disco jockeying gear.
Public listed JMD Telefilms said the acquisition is more than just a purchase of catalogues as it is entering the Rs 250-crore music instruments and accessories market. The firm that clocked over 20% growth in net sales for the last two successive years despite facing a tough market due to piracy, expects to accelerate its topline growth during 2011-12 to 30% supported by Bajaao.com. For the year ended MarchDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
