IvyCap and Thomson Reuters Team up to Take Award-Winning RML Service for Farmers in India to the Next Level
(Thomson Reuters ONE) -
Amit Mehra, Founder and MD of Reuters Market Light, will continue to be the CEO
Mumbai, February 25, 2013 - Thomson Reuters, the world's leading source of
intelligent information for businesses and professionals, and IvyCap Ventures
Advisors Private Limited (IvyCap), a venture capital fund management company,
today announced that the two firms have come together to support the continued
development of Reuters Market Light (RML), the award-winning information service
for India's farming community. The agreement sees IvyCap, which is backed by
the IIT Alumni Network, become the lead investor in RML with Thomson Reuters
remaining as a shareholder and partner in the newly formed RML Information
Services Private Limited.
Amit Mehra, founder and managing director of RML, will continue to be the CEO of
RML Information Services Private Limited and provide management continuity for
the business.
RML supports both companies' aims to deliver innovative services that support
the development of the local communities they serve. Established in 2007,
Reuters Market Light pioneered the multi-award winning service that provides
agricultural, weather, market price and crop information over mobile phones to
the farming community. Today, RML has reached more than 1 million unique
subscribers across an estimated 50,000 villages and 17 states. Through sharing,
it is estimated to have reached nearly 5 million farmers. RML has been
recognized nationally and internationally for its positive contribution to
India's farming community and named by the United Nations in 2008 as one of the
initiatives that has the potential to contribute to the Millennium Development
Goals.
"We are very excited by the uniqueness of the RML business model and its growth
potential due to innovation in the agriculture information and technology
space," said Vikram Gupta, founder and managing partner, IvyCap Ventures. "We
are also looking forward to adding significant value through our network of
relationships across the value chain of RML."
"Thomson Reuters believes it can do well by 'doing good' in the communities it
serves and initiatives like RML, plus our work on supporting property rights and
access to justice underscore this commitment," said Shanker Ramamurthy,
president of Global Growth & Operations, Thomson Reuters. "We incubated and
brought RML to India's agricultural community at a time when farmers had little
or no visibility into the market prices of their crops and this has changed the
agricultural landscape. Thomson Reuters is pleased to join forces with IvyCap
to provide the additional focus, expertise and investment needed to deliver the
RML service that benefits thousands of rural farmers each day."
Terms and conditions of the transaction were not disclosed.
IvyCap invests in start-ups and growth stage companies across sectors including
agriculture, education, energy, healthcare and technology. The company's
industry experience and network in the technology industry in particular, will
help RML strengthen its product offering for the agricultural and rural markets.
The company has a unique philosophy to give back part of its profits to the
leading educational institutions, an approach that strengthens its alumni
networks further.
About IvyCap Ventures
IvyCap Ventures, a venture capital fund sponsored by the Alumni Trust, is guided
by entrepreneur-centric investment approach. It has a strong network of alumni
from IITs and other premier institutions that add significant value in speeding
up the growth of its portfolio companies. IvyCap invests in early and growth
stage companies across sectors such as Healthcare, Education, Energy,
Agricultural / Rural, Technology and other innovation oriented businesses.
IvyCap has a unique philosophy to give back part of its profits to the leading
educational institutions, an approach that strengthens its alumni networks
further.
About Thomson Reuters
Thomson Reuters is the world's leading source of intelligent information for
businesses and professionals. We combine industry expertise with innovative
technology to deliver critical information to leading decision makers in the
financial and risk, legal, tax and accounting, intellectual property and science
and media markets, powered by the world's most trusted news organization. With
headquarters in New York and major operations in London and Eagan, Minnesota,
Thomson Reuters employs approximately 60,000 people and operates in over 100
countries. Thomson Reuters shares are listed on the Toronto and New York Stock
Exchanges. For more information, go to http://thomsonreuters.com.
For more information on Reuters Market Light, go to ww.reutersmarketlight.com
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Mobile: +44 (0) 7825282483
Email: alan.duerden(at)thomsonreuters.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Thomson Reuters Corporation via Thomson Reuters ONE
[HUG#1680703]
Unternehmensinformation / Kurzprofil:
Datum: 25.02.2013 - 09:27 Uhr
Sprache: Deutsch
News-ID 232628
Anzahl Zeichen: 6108
contact information:
Kategorie:
Business News
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