ONGO Framework Acquires Hyderabad-based Hockystick Media, Raises $1M from Mitesh Majithia and Others
Diversifies its portfolio of offerings to provide end-to-end digital transformation and online growth solutions for its burgeoning clientele
In a move which underlines its commitment towards enabling end-to-end digital transformation for its clients, ONGO Framework has recently acquired Hyderabad-based Hockystick Media in an undisclosed cash-plus-equity deal.
A digital marketing agency founded by ex-Googlers Shrikanth Katkurwar, Abhijit Gogoi, and Ambujam, Hockystick Media has carved a niche for itself by leveraging cutting-edge technology to deliver end-to-end digital marketing solutions. It has worked with several SMEs and high-growth start-ups from India, in addition to supporting digital agencies across the US and the UK.
Speaking on the acquisition, Rama Kuppa, Founder & CEO – ONGO Framework, said, “After having served thousands of customers and multiple Channel partners, we observed that most companies feel challenged in leveraging and promoting their digital assets. Strategically, Hockystick acquisition is aimed to fill this gap.
Going forward, Hockystick team would be involved in helping more business owners with new customer acquisition, establish their brand, drive campaigns to get desired ROI, conduct trainings etc. In fact, our channel partners would also need Hockystick services to streamline their digital marketing and lead generation efforts.”
The Hockystick acquisition comes close on heels of a $1 million angel investment. Mitesh Majithia, serial entrepreneur and seasoned angel investor who had initially invested in ONGO Framework in 2016 has been instrumental in this angel funding. Angels who participated in this round of funding are Paras Parekh – Director at Credit Suisse, Rishi Chohan – SVP a Virtusa, Anilkumar Narsingrao – VP at Cowen and Company, Haresh Keswani – Director at Celgene, Naveen Harjani – VP at Allaince Bernstein, Rasesh Thakore – Founder at Unravel Advisors, Srinivas Adhikari - Businessman, Raj Basu – VP at ITC Infotech and brothers Sunil and Pranil Kanderi who sold their company Mokriya to Nagarro. The Director of Strategy & Growth at ONGO Framework, Mitesh is also the Co-founder of YNew and has invested in high- potential start-ups such as MartJack, PaySwiff and Sollers, apart from ONGO. He also engineered the Hockystick acquisition.
Having been bootstrapped in the initial phases of its growth, ONGO Framework will use its latest capital infusion for driving its talent acquisition, technological innovation, and marketing efforts. It will also be looking to tap into the growing demand for digital transformation solutions from SMEs in emerging markets across the Middle-East and North Africa (MENA) region, as well as from more mature economies such as the US.
Mitesh Majithia said, “As a leading low-code/no-code and Rapid Application Development Company based in India, ONGO Framework has a unique competitive edge. It understands the market requirements of emerging economies and also has state-of-the-art technological capabilities to fulfil the demand from businesses in more mature economies such as the US. I am convinced of its long-term growth prospects and am looking forward helping the company realise its massive innovation potential through my experience.”
With the Hockystick acquisition, ONGO Framework will now cover the entire gamut of digital development and marketing services for its clients, providing them with 360-degree solutions for their digital transformation and online growth. It is now complementing its array of tech-led solutions such as app Development (Android/iOS/web), ERP, CRM, etc. with full-service digital marketing services like SEO, social media marketing, content marketing, paid ads marketing, and email marketing. Hockystick will also continue to function independently under its brand name.
“With the current book of business, we are on track to surpass an ARR of $1 million in this financial year and are targeting to be at an ARR of $10 million by March 2020. Digital revenues should contribute around 25% to our total revenues,” Rama said of the operational integration between ONGO Framework and Hockystick.
Shrikanth Katkurwar, Cofounder & CEO – Hockystick, said, “Hockystick was established with the vision to empower businesses with digital marketing solutions that allowed them to focus solely on their core business without having to worry about their ROI. Joining forces with ONGO Framework is a major shot in the arm for this vision and will enable Hockystick to access better business opportunities and provide technology solutions to its clients. We aim to establish Hockystick as one of the largest digital marketing companies in the Indian market by joining hands with ONGO Framework.”
Soon ONGO Framework and Hockystick will also launch a ‘Tech & Digital Growth Incubation Platform for Start-ups’. The initiative is aimed towards providing technological and digital marketing support to early-stage start-ups that lack development/marketing expertise and funds. ONGO Framework has also recently initiated its global expansion plans, setting up a joint office in Dubai with Hockystick to capitalise on the rapidly-growing digital market in the Middle East and North Africa (MENA) region. The company is also in the process of setting up regional offices in the US and the UK in order to cater to businesses in these markets.
Around The World