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ICICI picks 30% in Pitara Kids Network
Publication: Business Standard
Date: August 08, 2000
ICICI has taken a 30 per cent stake in Delhi-based Pitara Kids Network Private Ltd, the company which runs the children's portal Pitara.com. Speaking to Business Standard, founder and CEO of Pitara Kids Network Ajay Jaiman said that the funds would be used for a major expansion drive which includes e-commerce initiatives.
Next month, Pitara.com will launch its shopping mall on the Net for children, offering a wide range of products for children below the age of 13 years. Pitara shopping mall will offer products ranging from books and music to clothes, accessories and stationary.
According to Jaiman, currently, the company is in the process of conducting a Net research on its e-shopping model, looking at the products which will be picked up off the Net. "We don't want to be the largest but the most discerning shopping mall for kids," said Jaiman.
Apart from e-commerce, Pitara is also strengthening its marketing arm to generate advertising revenue. "In the last two years, Pitara focused on building content for the site. Now the emphasis is on strengthening our revenue model and building our brand," said Jaiman.
The company will enter into marketing and sponsorship alliances with various children's brands. Strong on content, Pitara will also leaseshare its content for a price. The site has several channels and sub sections which offer an enormous content including short stories, poems, book reviews, riddles, jokes, features, activity section including art, craft and drawing etc. More recently, it has also added a news section for children. Besides, Pitara will also offer online research facilities for all children's brand.
That is not all. At its swank, new office in Gurgaon, Jaiman has also set up an audio-video studio for making radio and television software for children. "And with broadband becoming available in India soon only sky is the limit," he said.
The ex-Bates Clarion and former FCB-Ulka employee, Ajay Jaiman set up Pitara.com two years ago to look after the needs of children who, Jaiman feels, have little choice.
"The idea stemmed from the fact that children are the most ignored lot. We wanted to bring them in focus, build a business around them and provide high value to them." Pitara.com began as a part of Jaiman's advertising outfit -Tides Communications but was spun off as a separate company under Pitara Kids Network six months back. Currently, the site gets 3.5 million hits per month.
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