IvyCap Ventures, a venture capital firm for spinning out technology and entrepreneurs from India’s Institutes of Technology (IIT), has acquired an undisclosed-size stake in media group Thomson Reuters’s local subsidiary, Reuters Market Light (RML), which provides a mobile-based agriculture information service to Indian farmers started in late 2007.
IvyCap is now the lead investor, while Thomson Reuters will remain a shareholder in the new entity, renamed as RML Information Services.
RML was founded in 2007 and has more than one million unique subscribers in over 50,000 villages across India.