JMD Telefilms has acquired Mumbai-based musical instruments and accessories portal Bajaao.com for Rs 5 crore. Bajaao.com after the acquisition will become a business unit of JMD Telefilms. JMD is planning to invest about Rs 25 crore in Bajaao.com and grow the business in different areas.
Launched in 2005, Bajaao.com currently claims to offer over 5,000 music gears like guitars, basses, keyboards, percussion, amps, as well as recording, mixing, lighting and DJ gears. JMD plans to not only retail but also import and distribute some well known musical instruments.
Jagdish Prasad Purohit, director, JMD Telefilms, has said, “With the acquisition of Bajaao.com, JMD is entering the Rs 250 crore industry of musical instruments and accessories. The industry is only set to grow in the coming years as more and more Indians take up music as hobby and careers.”