Mumbai-based digital agency Gozoop has acquired Red Digital, a social media agency in India. With this acquisition, clients and employees of Red Digital will be consolidated under the Gozoop brand. Gozoop recently expanded its global presence by setting up operations in Singapore.
The agency noted that currently, 65 per cent of Gozoop's revenue is attributed to its international operations in the UAE and Singapore. Post the acquisition and with a total of 65+ retainer clients, Gozoop's domestic operations will now contribute close to 50 per cent of revenues. The acquisition will also increase the employee strength of the company to about 100 members.
Commenting on the development, Ahmed Naqvi, managing director (India) and co-founder of Gozoop, states, "Red Digital, together with Gozoop, will help move our collective clients and the industry forward. We expect further consolidation in our industry and look forward to acquiring digital agencies to fuel our growth in India as well as to enter international markets like USA, Australia and Qatar."
Following the deal, Gozoop will increase its presence to Delhi, Bengaluru, Chennai and Kolkata in addition to its current presence in Mumbai, Dubai and Singapore.
Bhavit Sheth, co-founder of Red Digital, says, "Our clients will now reap the benefits of getting serviced by a much larger agency with more specialisations and can avail of Gozoop's in-house proprietary products such as Zozolo Social Loyalty and Zozolo Social Commerce, which are used by leading brands worldwide. Our employees will now have the chance to further grow their career trajectory and explore many more fields in the digital domain."
Gozoop provides digital solutions to brands like Xpress Money, Interglobe, High Street Phoenix, Commercial Bank of Dubai, Tim Hortons, Cold Stone Creamery, Seacod and Mad Over Donuts, among others. Red Digital currently manages several clients such as Mumbai Indians, Dell, Mirinda, BMW, Parker Pens, Berger Paints, Reliance Foundation and Discovery Channel and following the acquisition, Gozoop will manage the digital mandate for these brands.
Gozoop was founded in 2010 by Rohan Bhansali along with Ahmed Naqvi and Dushyant Bhatia. In the same year, the company launched Zozolo, which is a social commerce product that was also showcased in Mashable's Fast Pitch 2010. In August 2012, Gozoop launched Decidebuddy.com, a review portal that helps consumers in making informed purchase decisions.