Airtel in its statement said it acquired the strategic stake in Spectacom Global Pvt Ltd under the Airtel Start-up Accelerator Program, which focuses on supporting growth of early stage Indian start-ups.
Airtel did not disclose either the stake or valuation in its statement. The startup firm will provide content for the mobile company, market sources said
It has cleared (Rs 13,000 crore) in the AGR dues with the government against a demand of Rs 35,500 crore.
"We have paid full dues which is about Rs 13,000 crore, and Rs 5,000 crore which is extra," Sunil Mittal had said after a meeting with Telecom Secretary Anshu Prakash here on Wednesday.
He was referring to Airtel's last month payment of Rs 18,004 crore to DoT as AGR payment.
Airtel will help Spectacom to deliver exclusive digital content through its platforms Airtel Xstream and Wynk Music directly into the homes and smartphones of hundreds of millions of Indians.
Spectacom is the second company to join the Airtel Start-up Accelerator Program. It allows startups to leverage Airtel's robust ecosystem, including its core strengths in data, distribution, networks and payments. The startups also get access to advisory services from Airtel's executive team.
Spectacom will offer digital content on health & fitness training programmes, founded by Adnan Adeeb and Zeba Zaidi, the creators of the highly popular Devils Circuit military-style obstacle races.
Spectacom will also carry the exclusive digital rights for the promotion of all content for brand Devils Circuit, including the new seasons of its popular shows - The College Frenzy & The Corporate Challenge.
Says Adarsh Nair, Chief Product Officer, Bharti Airtel: "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. This also fits into Airtel's strong focus on connecting with the youth and providing them digital platforms to fulfil their aspirations. We look forward to collaborating with Spectacom on this exciting journey."
Adnan Adeeb, co-founder, Spectacom, echoed this thought and added that "As India is becoming a younger nation, it is also becoming a fitter one. Through our collaboration with Airtel, we aim at not just reaching millions with bespoke offerings around Health & Fitness but also give the fitness enthusiasts from around the country, a platform to shine. We are very excited at partnering with Airtel and look forward to bringing innovative content to life".