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Bachchans pick up stake in Singapore-based Ziddu.com

(Image Credits : ibnlive.in.com)

(Image Credits : ibnlive.in.com)

Hyderabad, May 20 (PTI) : Bollywood megastar Amitabh Bachchan and his son Abhishek Bachchan have jointly invested USD 250,000 (about Rs 1.6 crore) in Meridian TechPte Limited, a Singapore-based company that runs free cloud storage, e-distribution and micro-payment platform Ziddu.com.

Venkata Srinivas Meenavalli, founder and chief executive of Meridian Tech said Bachhans are expected to invest some more amount in the company in the coming days.

“They will get some minority stake (less than single digit) in the company. They are expected to invest more once the RBI norms are enhanced (with regard to Liberalised Remittance Scheme (LRS)),” Meenavalli told PTI.

Recently, the Reserve Bank had doubled the annual overseas investment ceiling for individuals to USD 250,000 per person per year.

He further said that Ziddu.com is currently generating 1.2 billion page views with over 300 million visitors per month from more than 225 countries.

According to him, the company which clocked USD 20 million revenues last year, may go for listing on Nasdaq next year.

“We are expecting a growth of 50 per cent in revenues this year. I am very happy and excited that Amitabh Bachchan has reposed confidence and trust in Ziddu.com,” Meenavalli said.

He added that both father and sun duo have invested USD 125,000 each.



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