New Delhi, Mar 12 () Telecom major Bharti Airtel on Thursday said it has acquired a strategic stake in Spectacom Global under its Airtel Start-up Accelerator Program that supports early-stage start-ups in India.
In a regulatory filing, Bharti Airtel said the transaction is an "indirect acquisition of 10 per cent equity stake through wholly-owned subsidiary".
"Acquisition of the equity shares of investee company is done at mutually agreed valuation. The said valuation is not disclosed herein due to reasons of confidentiality," it added.
Spectacom, which produces digital content that allows people across languages, geographies and fitness levels to connect with each other and explore health and fitness training programmes, is the brainchild of Adnan Adeeb and Zeba Zaidi -- creators of the Devils Circuit military-style obstacle races.
Spectacom is the second company to join the Airtel Start-up Accelerator Program after Bengaluru-based Vahan.
"Airtel will work closely with Spectacom to help increase awareness and adoption of its cutting age health and fitness platform and encourage individuals to overcome mental barriers and achieve their full potential," Airtel said in a statement.
Spectacom will cater to India's growing interest in staying fitter and healthier by creating training and nutrition videos along with live extreme sporting events, it added.
It will also carry the exclusive digital rights for promotion of all content for brand Devils Circuit, including the new seasons of its popular shows, The College Frenzy & The Corporate Challenge, the statement said.
"We believe that X Sports, which are all about fitness, aligns beautifully with our brand. Thanks to the deep penetration of mobile internet in India, the potential to grow the adoption of Devils Circuit style X Sports amongst India's youth is immense," Bharti Airtel Chief Product Officer Adarsh Nair said.
This also fits into Airtel's strong focus on connecting with the youth and providing them digital platforms to fulfil their aspirations, he added. SR RVK