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Airtel acquires strategic stake in technology Start Up Lemnisk

Posted On : 2022-12-20 18:59:33( TIMEZONE : IST )

Airtel acquires strategic stake in technology Start Up Lemnisk

Bharti Airtel ("Airtel"), India's premier communications solutions provider today announced that it has acquired a strategic stake in Lemnisk (Immensitas Private Limited) under Airtel's Start Up Accelerator Program. The deal is subject to all applicable statutory approvals.

Lemnisk is a Bengaluru based Start Up that offers Real-Time Marketing Automation and secure Customer Data Platform (CDP) capable of orchestrating 1-to-1 personalization and cross-channel customer journeys at scale that increases conversions, retention, and growth for enterprises.

Airtel and Lemnisk will work together to build world's largest CDP platform. This will be done across Airtel's digital businesses including Ad-tech (Airtel Ads), Digital Entertainment (Wynk Music and Airtel Xstream) and Digital Marketplace (Airtel Thanks App). In future, Airtel plans to offer this service to its enterprise customers through Airtel IQ, which is world's first network integrated Cloud Platform as a Service (CPaaS). The platform will offer enterprises an opportunity to create a nimble, scalable, and omnichannel engagement for its customers.

Speaking about the investment, Adarsh Nair, CEO - Airtel Digital said "We are delighted to welcome Lemnisk into the Airtel Start Up accelerator program and be a part of our digital innovation engine. We see great potential in this alliance and together with Lemnisk we aim to create world's largest CDP platform. Lemnisk's real time marketing automation engine is a natural fit for us, where over 350 million customers interact with brands daily through multiple touch points."

Subra Krishnan, Co-founder & CEO, Lemnisk, said: "My co-founders, Rinku Ghosh and Praveen DS, and I are very excited to strategically partner with Airtel and work together to unlock enormous value from customer data, while keeping privacy and consent frameworks at the core. There is really no global parallel for what Airtel wants to achieve, and that is inspiring for us. Airtel's ambition aligns with our vision to offer a single frictionless platform to super large enterprises that both organizes and activates high volume and high velocity data. We are looking forward to achieving great things together."

The Airtel Startup Accelerator Program, a part of Airtel Digital, invests in early-stage start-ups working on technologies that add strategic value to Airtel's business offerings. The program gives startups the opportunity to deploy their technologies and applications at a massive scale, which includes 350M+ retail customers and 1M+ businesses. In addition to funding, the program offers mentorship from Airtel's leadership team and access to Airtel's global strategic partners.

Shares of Bharti Airtel Limited was last trading in BSE at Rs. 827.55 as compared to the previous close of Rs. 839.80. The total number of shares traded during the day was 109013 in over 3593 trades.

The stock hit an intraday high of Rs. 840.40 and intraday low of 822.00. The net turnover during the day was Rs. 90143979.00.

Source : Equity Bulls


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