LONDON — Elephant Capital, a private equity fund listed on London’s Alternate Investment Market, has raised £4 million ($5.9 million) to invest in Indian shingle Amar Chitra Katha Media.
The company will use the coin to boost its TV and film output.
In February, ACK and Animagic Studios tied up with Turner Intl. India to produce two toon features and 26 half-hour episodes based on Hindu mythology.
ACK programs air on Cartoon Network India and Disney Channel India.
ACK was created by Anant Pai in 1967 to help teach Indian children their cultural heritage and is widely credited for popularizing Hindu mythology, Indian history and fables through comicbooks.
It is an iconic imprint in the country, having sold about 90 million copies of its more than 500 titles in 20 Indian languages, and some of its publications can be found in school syllabi in India, the U.S. and the U.A.E.
Elephant partner Gaurav Burman said: “We believe there is a huge amount of value in ACK and look forward to working with the team to fully realize the potential the business holds. As the size and spending power of India’s middle classes increases, we believe that ACK will be extremely well positioned in the market in the children’s entertainment and media sector.”