The money wlll be used to fund Indorse’s expansion into India, while also using The Times Group’s media assets to build demand for its services
Group Limited’s () Indorse, in which it holds a 10% stake, is to receive a US$6.5mln investment from The Times Group (TTG), India’s largest media conglomerate.
The blockchain investment and advisory group said Indorse, a Singapore-based firm that uses blockchain to verify people’s skill sets, would receive an initial investment of US$2mln, valuing it at US$15mln, with the option of a further tranche of US$4.5mln.
WATCH: Coinsilium’s Indorse to receive up to US$6.5mln investment boost from Indian media giant
The money will be used to fund Indorse’s expansion into India, while also using TTG’s media assets to build demand for its services.
TTG’s media properties include the Times of India, which has one of the largest circulations of any English language newspaper in the world.
As a result of the US$15mln investment valuation, said the implied value of its stake in Indorse would be US$1.5mln, a 350% increase on the value of its initial investment two years ago.
In mid-morning on Wednesday, shares were trading at around 3p on the NEX exchange.