Bollywood Mega Star Amitabh Bachchan and his son-actor Abhishek Bachchan have invested in a cloud based content distribution platform Ziddu.com. Amitabh and Abhishek pumped in over $ 2,52,000 to buy the shares in this Singapore-based website. This is first-ever overseas investment made by the Bachchans. Kick started in 2007 by Venkata Srinivas Meenavalli and Palacharla Srinivasu, Ziddu.com is owned by Meridian Tech Pte Ltd.
The shares of Meridian were bought for $ 2,52,000 apparently using funds in two accounts - a single account of Amitabh Bachchan and a joint account he shares with son Abhishek. The transaction was made through the Reserve Bank of India's Liberalised Remittance Scheme (LRS). Bachchans had to use funds in overseas accounts as the government of India not yet approved higher forex remittance for high net worth individuals who want to acquire shares, properties overseas through RBI's LRS.
Ziddu.com provides free cloud storage, e-distribution and micro payment platform. It claims to generate 1.2 billion page views with visitors from more than 225 countries. The company clocked revenues of $20 million in calendar year 2014. It has a development centre in Hyderabad.
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