Cision PR Newswire
JetSynthesys acquires majority stake in Fanory; Onboards former Twitter India Head Manish Maheshwari in a leadership role
News provided byJetSynthesys Private Limited
Jan 25, 2023, 5:57 AM ET
~Fanory, coming out of stealth, is a monetization platform for creators to turn them into micro-entrepreneurs~
~Fanory is co-founded by former Twitter India Head Manish Maheshwari~
PUNE, India , Jan. 25, 2023 /PRNewswire/ -- New-age digital entertainment and technology company, JetSynthesys, has acquired majority stake in Fanory, a start-up that helps creators monetize better than what is possible on social media platforms. As part of this transaction, JetSynthesys has onboarded ex-Twitter India Head and Fanory's co-founder, Manish Maheshwari, as President at the Corporate level, JetSynthesys. Shareholders of JetSynthesys include the family offices of Infosys Co-Founder Kris Gopalakrishnan, Serum Institute's Adar Poonawalla, and cricketing legend Sachin Tendulkar, amongst others.
Co-founded by Maheshwari along with two of his former colleagues, Fanory enables creators to monetize their craft on their terms through their community of fans, thereby turning them into micro-entrepreneurs. The platform connects creators with their superfans through a personalized app, a model similar to how in the eCommerce space, Shopify helps small offline businesses set up personalized digital stores. Maheshwari will now focus on the global expansion of Fanory.
Regarding the transaction and new appointment, Rajan Navani, Founder and CEO, JetSynthesys, says, "Last year has seen high growth for us at JetSynthesys, and we are happy to begin 2023 with this transaction. We are looking forward to expanding our horizons in the digital entertainment space. The social media creators market has grown exponentially, and we see this continuing for the foreseeable future. Fanory's model is beneficial for creators. It compensates them for their hard work and creativity. With Manish by our side, we look forward to exploring this new avenue and entrenching ourselves deeper into the digital entertainment realm."
Fanory as a platform will work closely with the digital entertainment pillar of JetSynthesys. Fanory will assist creators in locating their superfans, i.e., those who are both ready and willing to pay for exclusive opportunities to interact with their favorite artists. It will then enable creators to upsell premium experiences on a personalized app through a frictionless, coin-based payment mechanism.
Manish Maheshwari, Co-founder of Fanory and now President, Corporate Level, JetSynthesys, said, "Social media platforms prioritize follower acquisition and engagement so that they can sell adverts to brands. Direct monetization for creators is an afterthought. Fanory is different because its core and only focus is creator monetization. This deal will exponentially grow the possibilities for creators and their superfans as they now have access to the broader platform and ecosystem relationships of JetSynthesys."
Before joining Twitter, Maheshwari was CEO of Network18 Digital. He has previously held leadership positions at Intuit and McKinsey in San Francisco and New York respectively. Manish's career has seen a sharp focus on social media, digital content, and technology platforms. In his previous position at Twitter, he oversaw its business in India and subsequently in new markets worldwide based out of Twitter's headquarters in San Francisco. He advocates for greater involvement of women to make social media and digital technology platforms more diverse and inclusive. Manish has previously served on the Governing Council of the Internet and Mobile Association of India (IAMAI), India's leading policy body for internet companies. Manish is an MBA from the Wharton Business School.
JetSynthesys is a new-age digital entertainment and technology company with a global foray into three key ecosystems: (a) gaming and esports, (b) digital entertainment, and (c) wellness and livelihoods. With millions of consumers across 180 countries, JetSynthesys builds world-class products, platforms, and services in these three verticals, aiming to touch the lives of billions of consumers. Since its launch in 2014, under the leadership of Rajan Navani (Chairman & Managing Director), JetSynthesys has built a powerful ecosystem of technology, talent, content, and distribution stacks, and is committed to delivering delightful moments to all stakeholders across multiple digital worlds, aptly titled the #Jetverse.
The company is backed by Kris Gopalakrishnan, Adar Poonawalla, Sachin Tendulkar, and the multi-billion-dollar family offices of the promoters of Thermax, Triveni Group, Yohan Poonawalla Group, and DSP Group. With offices in Europe, the UK, and the US, JetSynthesys is a key player in India's digital landscape. Built on innovation and new-age culture, JetSynthesys is building a digital ecosystem for consumers to be the one-stop solution for all their digital needs. It is perfectly poised to create success stories at scale through made in India apps with the best talent available globally, funded by the Indian capital.
JetSynthesys is part of the diversified JetLine Group of Companies, the roots of which originated in the 1930s in Bangkok, Thailand with a presence in India since 1974. Established by the Late Kishinchand Navani in 1937, the growth in Thailand and South-East Asia over several decades has resulted in large-scale manufacturing industries in textiles, packaging, electronics, and real estate development amongst others.
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SOURCE JetSynthesys Private Limited