Mumbai, Feb 13 (PTI) Times Bridge, the private equity arm of media major Times Group, along with other equity investors have invested USD 53 million (about Rs 375 crore) in meditation app Headspace. Headspace's equity cash comes from investment firm Blisce, with participation from Waverly Capital, Times Bridge, Chernin Group, Spectrum Equity and Advancit Capital, while USD 40 million debt financing comes from Pacific Western Bank, Headspace said in a statement on Thursday.
The funding also opens the way for the Santa Monica-based company to enter the country.
The USD 93 million funding is part of the series C funding for the company. When contacted by PTI, Times Bridge confirmed the equity investment, but refused to quantify the same. It can be noted that Times Bridge does investments only for equity, and its current investment portfolio includes Airbnb, Uber, Smule, Coursera, Houzz, and Wattpad, among others.
As part of the investment, Times Bridge will enable Headspace to launch its operations in the country shortly.
As a leading platform for mindfulness and meditation, Headspace has over 62 million users across 190 countries. It has sewed up partnerships with a range of global companies such as Apple, Amazon, Google, Nike, Starbucks, Hyatt, Adobe, GE, the NBA and the American women's national soccer team, among others.
Headspace will enable Indian users to integrate the practice of meditation into their daily lives through easily accessible mindfulness routines, including sleep, movement and meditation, among other features.
The courses are led by the guiding voice of co-founder Andy Puddicombe, a former Buddhist monk, who spent a decade travelling the world culminating with his ordination as a Tibetan Buddhist monk in India, the statement said.
'Our mission is to improve health and happiness across the world. Our opportunity to make a significant impact in the ancient home of meditation is unique,' Headspace co-founder and chief executive Richard Pierson said on company's entry in India. PTI BEN RVK RVK