Actor Amitabh Bachchan and his son Abhishek Bachchan have invested $125,000 each in Ziddu.com, a Singapore-based website owned by Meridian Tech Pte Ltd.
The $250,000 investment will fetch them a small, minority stake in the company whose valuation is around $ 71 million. A free cloud storage and e-distribution and micro payment platform founded by Venkata Srinivas Meenavalli, it has a development centre in Hyderabad.
“We employ about 25 people in Hyderabad,” he told The Hindu over phone, adding that the Bachchans were keen on investing more. One of the leading families of Bollywood, the Bachchans made use of the Liberalised Remittance Scheme of the Reserve Bank of India to invest in the company, he said.
Although the apex bank has doubled the limit under LRS to $250,000 per person per year, the Finance Ministry is yet to issue a circular giving effect to the hike. This made the Bachchans limit their investment to $125,000 each.
