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Kaizzen secured funding from Maven Corporate Advisors in 2023

Credit: IIMC Vineet Handa 2

Integrated PR firm Kaizzen, led by Vineet Handa, secured funding from Maven Corporate Advisors in 2023. Per filings seen by PRmoment India, this investment resulted in a shift in stakeholder pattern, with Maven now holding a majority stake (76%) and Handa and co-promoter Puja Handa's share decreasing to 24%. 

Puja Handa has stepped down as director, while new investors Karan Singh Surjit and Krupa Dashsathbhai Limbachiya have joined the board. Importantly, Handa remains the managing director and a key promoter, with sources indicating no plans for his departure in the near future. Sources said there is no earn-out period in the agreement, the new investors would be seeking returns on their investments

It is not clear, however, whether Maven offers specific PR expertise beyond funding for Kaizzen.

Sources said the investment was sought to fuel Kaizzen's growth plans. The agency is aiming to double its turnover in 2023-2024 compared to the previous year, reaching a target of 50 crores. The funds will be used to expand services in government relations, and investor relations, and scale presence in Dubai.

Consolidation in the Indian PR Landscape

This development comes amidst a period of consolidation in the Indian PR market. Over the last 2 decades after the Indian economy liberalised, international PR firms have steadily sought a presence in India, either by itself or by acquiring local firms. Genesis PR was bought by Burson Marsteller in 2005, Hanmer and Partners sold to MSL in 2007, Cohn & Wolfe bought 6 Degrees PR in 2015 and WE bought Avian WE in 2018. In 2005 Edelman bought a 50% stake in Roger Pereira's R&PM

Independents vs Network Firms

India is a rare and high-growth PR market where the largest PR firm by a wide margin, Adfactors PR, is independent. With network firms facing a challenge with growth, India is emerging as a hotspot for companies seeking growth. Experts say that China a strong competitor for India is seeing reduced attention due to the geopolitical situation.

The coming years promise to throw up interesting models of growth with mid-size firms and independent firms touting agility and creativity as a strong offering and better alignment with Indian companies' work culture.

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