Turakhia Brothers of Media.net become the Richest Indians Overnight
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The phase, young genius, is absolutely appropriate for the Turakhia brothers. Brothers Divyank and Bhavin Turakhia began game programming when they were in primary school. This was because their father also promoted them by buying them books on how to create games. At the ages of 13 and 15 respectively, Divyank and Bhavin spent an entire year developing a business-stimulation game. Now 21 years later, these brothers are successful entrepreneurs and also enjoy what they do. Their ad-tech venture Media.net has been sold to a Chinese consortium for around $900 million. This deal has added them to the list of the richest Indians of the year.

Market Value of the Turakhia Brothers

Popularly known as the poster boys of online advertising in India, the Turakhia brothers have expanded their business in all spheres possible. They have created 11 companies across sectors varying from online advertising to communications. These brothers began their entrepreneurial journey in 1998 with a meagre capital of Rs.25,000 and now are jointly worth $1.4 billion. Described as hackers with a business mindset, these brothers have already sold two businesses by now for over $1 billion. Notably over the years the brothers have launched various businesses. These include Web Hosting and cloud infrastructure, voice and messaging services and digital payments. Their offices are in different parts of the world such as Dubai, New York, Zurich, Los Angeles and Beijing.

About Media.net

Media.net is a company based in Dubai, with more than 97 percent of the business coming from North America. It came into existence in 2010 and currently has no business connections in India. Media.net being a leading global advertising technology company develops products for both publishers and advertisers. It offers its customers an entire suite of service. This includes creating, targeting, evaluating advertising campaigns and also connecting publishers through their Yahoo-Bing network. Media.net is a Yahoo ad partner. Its system auto-learns and displays the most relevant ads to the users based on the webpage they are on. Media.net gets 90% of its revenue from US, 5% from UK and Canada and the remaining from the rest of the world. According to its market capital, Media.net is among the top five advertising technology companies globally.

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The Billion Dollar Deal

Media.net is going to be merged with Beijing Miteno Communication Technology (BMCT). This Chinese consortium is led by Zhiyong Zhang, who is the chairman of BMCT. He plans to know make Media.net a subsidiary company of Miteno. Supposedly, the talks were on for the last 6-7 months but the deal was finalized on Monday. Moreover, the consortium has already filed for necessary approvals from the Chinese regulators. In this case, the official process is expected to get over by the end of 2016. This deal is the third largest one in the advertising technology industry. The official signing took place in the Beijing city of China.

The Indian Billionaires

Significantly, Divyank and Bhavin Turakhia have now entered the billionaires club of India. The Media.net deal is the second deal which they have sold for over $1 billion. After this, the Turakhia brothers are on the list of the richest people of India. They firmly believe that they can excel in any field of business if they enjoy what they do. Their ideology is that if work is interesting enough, achieving success becomes a fun activity.

 

Author
Carrie Ann is Editor-in-Chief at Industry Leaders Magazine, based in Las Vegas. Carrie covers technology, trends, marketing, brands, productivity, and leadership. When she isn’t writing she prefers reading. She loves reading books and articles on business, economics, corporate law, luxury products, artificial intelligence, and latest technology. She’s keen on political discussions and shares an undying passion for gadgets. Follow Carrie Ann on Twitter, Facebook & Google.

4 Comments

  • Raghav Shreshtha says:

    Somehow Chinese Investors play a role in the debut of these brothers in the Forbes list. It all began with some inbound interests in the company from the US, and the duo decided to explore further options. They roped in BofA Merrill Lynch and Chinese firm CV Capital as advisors and in the process received a total of seven offers, of which three were from China. The talks went on for about 6-7 months, before the brothers decided to sell it to the Chinese investors.

  • Dereck Lorenzo says:

    These two brothers have already bitten off more than they could chew with the running of four businesses, now they’re also interested in areas such as biotechnology for any future venture. bruh

  • Kenan says:

    Theirs was the third-biggest deal of the adtech sector, Media.net that was acquired by a Chinese consortium in an all-cash deal valued at about $900 Mn.

  • Akshatha says:

    Feels good to see more and more Indians debuting on the Forbes list

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