Backed by serial entrepreneur Ronnie Screwvala, digital media company Arre has acquired Apalya Technologies in an all cash deal. The amount has not been disclosed but is expected to be close to Rs 25 crores.
Hyderabad based Apalya Technologies is a video delivery company.
As part of the deal, the co-founders of Apalya, Vamshi Reddy and Shiva will now own a 2% sweat equity in UDigital which is the parent company of Arre.
Arre plans to offer content in different formats including video series, podcasts and documentaries and plans to target users in the age group of 16-30.
Arre will be launched by January 2016 and has received a funding of close to Rs.150 crore.