"We will be capitalising on the multiple growth opportunities we see for our business, and accelerate our company's expansion plans to build our leadership position across India and overseas. We are excited to execute the next stages of our strategy in partnership with Warburg Pincus," said Alok Jalan, managing director, Laqshya Media.
The advertising company plans to develop world-class media assets, with focus on key cities and infrastructure projects such as airports, transit systems and street furniture including modern bus queue shelters and pedestrian bridges.
In the past, it has invested in developing state-of-the-art civic infrastructure such as pedestrian bridges in Indore, Hyderabad, and Chennai among other cities, and is underwriting such investments by winning long-term contracts for placing advertising on these assets.
Having built a strong business in India, Sri Lanka and the UAE, Laqshya plans to expand its footprint across the Middle East, Africa and South-East Asia.
Julie Johnson Staples, head of communications, Warburg Pincus said, "Outdoor advertising in India is undergoing a period of rapid and transformative growth, as the industry consolidates and the quality of assets reaches global standards. We are delighted to partner with Laqshya Media, a recognized leader in this sector."
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Avendus Capital served as the sole financial advisor to Laqshya for this transaction.