DJ India's Largest Media Group to Invest up to US$6.5million in Indorse
Coinsilium Group Limited (COIN)
India's Largest Media Group to Invest up to US$6.5million in Indorse
19-Jun-2019 / 08:40 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
COINSILIUM GROUP LIMITED
("Coinsilium" or the "Company")
Strategic Investment Update - Indorse
India's Largest Media Group to Invest up to US$6.5million in Indorse
London, UK, 19 June 2019 - Coinsilium Group Limited (NEX:COIN), the blockchain
venture builder, advisor and investor that finances and manages the
development of early-stage blockchain technology companies, is pleased to
report an investment update news-release from Indorse Pte. Ltd. ("Indorse") a
company in which Coinsilium holds a 10% equity position.
Highlights:
? Indorse announces that Brand Capital, the strategic investment arm of
India's largest media house, The Times Group, will invest up to USD $6.5m in
the Singapore-based skills verification platform Indorse;
? This will include an initial investment of USD $2m as a convertible note,
with a valuation of USD $15 million, with the option of a further tranche of
USD $4.5m;
? The investment will be used for Indorse's expansion into India and to
build the demand for its services through The Times Group's 360-degree media
assets in India, which rank among the most popular titles in the country;
? Based on The Times Group investment at a valuation of USD $15m, the
implied value of Coinsilium's 10% shareholding in Indorse will be USD $1.5m,
representing a 350% uplift in the two years since Coinsilium's initial
investment at the pre-seed and seed stage.
The Indorse Announcement
Singapore, 19 June 2019: Brand Capital, the strategic investment arm of
India's largest media house, The Times Group, will invest up to USD $6.5m in
Singapore-based skills verification platform, Indorse. This includes an
initial investment of USD $2m as a convertible note, with a valuation of USD
$15 million, with the option of a further tranche of USD $4.5m.
The investment will be used for Indorse's expansion into India and to build
the demand for its services through The Times Group's 360-degree media assets
in India, which rank among the most popular titles in the country.
Indorse uses a global network of experts to assess and confirm the abilities,
expertise, and achievements of candidates searching for new job roles?-?with
an initial focus on the coding sector. With the Indorse platform, businesses
can evolve from sorting through hundreds of applicants to making informed
hires within days, using a shortlist of candidates proven to have the right
skills for the role.
Indorse's solution comes at a time when, according to statistics from
candidate matching website ThisWayGlobal, hiring volume is increasing around
the globe, thanks to the development of new technologies like artificial
intelligence and improvements in telecommunications, with India experiencing a
predicted rise of 76%.
Rituparna Chakraborty, President of the Indian Staffing Federation (ISF), said
in May that the Indian tech industry will create another three million tech
jobs in the next five years. Indorse's solution aims to facilitate the rapid
change in the sector by cutting lead times and additional administration for
businesses to acquire qualified talent at the pace that they need.
Indorse has already worked with both small and large tech companies in finding
suitable talent. Most recently, it conducted a tech recruitment event to
assess coding and data science candidates for South-East Asia's biggest
ride-hailing firm, Grab.
This is the most recent in a series of investments in Indorse since the
company's inception. In 2017, it completed a fundraising round which reached
USD $9m, allowing the team to focus on building a working product. UK listed
investment and advisory firm, Coinsilium Group Limited (NEX:COIN), previously
made SGD $450,000 seed investment for a 10% equity stake in the business.
Sam Subramaniam, CEO, Brand Capital commented "We are constantly presented
with investment opportunities in early stage companies, so we take great care
in choosing the right ones. We believe Indorse creates real benefits for
employers and job seekers alike and the way these groups connect. Our massive
media reach to Indian companies and the country's large talent pool will
energise Indorse in a huge way."
Gaurang Torvekar, CEO and Co-Founder of Indorse, said: "This is a privileged
opportunity for Indorse. The Times Group is a major media group and has a
detailed understanding of key recruitment trends, so its support is a massive
vote of confidence in our model. It will help us build the Indorse brand and
become a major dependable source for employers seeking candidates with the
right skills.
"By leveraging the experience of human experts across the world, Indorse
provides companies with reliable and actionable insights about candidates. We
are raising the bar in terms of quality appraisal of tech talent, while
substantially reducing the direct and indirect costs of the hiring process.
"Candidates can benefit from 'indorsement' by proving they can do the job
they're applying for?-?regardless of their CV's content. Adding this extra
competition will also improve the overall skill level?-?building upon India's
and South-East Asia's position in the global coding skills market."
ENDS
The full announcement released by Indorse with regard to the transaction may
be viewed through the following link:
https://blog.indorse.io/indias-largest-media-group-to-invest-up-to-usd-6-5m-in
-indorse-s-skills-verification-platform-39e95e1dac7c [1]
Coinsilium's CEO, Eddy Travia, commented: "We are delighted to report the
announcement of this latest significant investment round in Indorse from The
Times Group, a leading global media player.
"Considering that Coinsilium's initial investment was undertaken in 2017, the
rapid growth Indorse has been able to achieve in just two years is
particularly remarkable. It also provides the market with an exemplary
real-world commercial use case for Blockchain which clearly demonstrates the
enabling potential of this ground-breaking technology.
"This development, combined with the dramatic uplift in the implied valuation
of our shareholding, further demonstrates Coinsilium's ability to identify
early stage investments and partnership opportunities with world class
potential, in-line with our stated objective of delivering asymmetric returns
for shareholders.
"We look forward to reporting on further positive developments from Indorse at
this exciting time for the Company.
About Indorse
Indorse is a Singapore-based tech company that uses a network of experts to
verify the skills of its users. Initially focused on the coding market,
Indorse works with companies to assess and verify the coding skills of
candidates who apply for roles within the tech sector.
Indorse has a growing number of partnerships in place: within six months it
has assessed over 2,000 tech candidates and 7,000 code reviews.
https://indorse.io [2]
The Directors of Coinsilium Group Limited take responsibility for this
announcement.
For further information, please contact:
Malcolm Palle, Executive Chairman +44 (0) 7785 381089
Coinsilium Group Limited
Eddy Travia, CEO +44 (0) 20 3889 4312
Coinsilium Group Limited
www.coinsilium.com [3]
Guy Miller / Mark Anwyl +44 (0) 207 469 0930
Peterhouse Capital Limited
(NEX Exchange Corporate Adviser)
Nick Emerson +44 (0) 1483 413 500
SI Capital Limited
(Broker)
Notes to Editor
About Coinsilium
Coinsilium is a venture builder, investor and advisor, supporting early-stage
blockchain technology companies and the digital token economy. As the first
ever IPO of a blockchain company in 2015, Coinsilium harnesses its experience
and wide-ranging network to invest in some of the world's leading blockchain
projects such as RSK/RIF Labs and Factom.
Coinsilium shares are traded on NEX Exchange Growth Market, the primary market
for unlisted securities operated by NEX Exchange, a Recognised Investment
Exchange under the Financial Services and Markets Act 2000.
For further information about Coinsilium please visit
https://www.coinsilium.com [4]
ISIN: VGG225641015
Category Code: MSCH
TIDM: COIN
Sequence No.: 10629
EQS News ID: 827219
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