Mumbai-based professional service and workforce outsourcing provider Melstar Information Technologies Ltd, a part of the Yash Birla Group, has signed a joint venture with SRAX, Inc., a digital marketing and consumer data management technology company to launch BIGtoken in India. The merger is set to advance the current growth of digitalization.
SRAX’s machine-learning technology analyzes marketing data to identify brands and content owners’ core consumers and their characteristics across marketing channels. Its blockchain ID graph technology platform BIGtoken provides a data marketplace through which consumers can own, verify and sell access to their data. The platform rewards consumers for participating in the sale of their digital data, which is sold to advertisers.
“BIGtoken’s unique data management platform is a great fit for our diverse consumer product portfolio and India’s growing marketplace. Building a data asset that aggregates anonymized information will help us reach the right consumers in India and drive sales. Providing a tool for consumers to earn from the value of their data is a huge opportunity for the Indian people and creates a new approach to corporate value creation”, says Anant Vardhan Pathak, Managing Director, Melstar Information Technologies Ltd. and President, Yash Birla Group.
SRAX’s CEO and founder Christopher Miglino adds: “The Yash Birla Group brings to our partnership all the assets that are needed to quickly monetize and grow the value of our BIGtoken data in India. Our geographical expansion furthers our mission to become the undisputed platform offering everyone in the world choice, transparency, and compensation for their data while building the world’s most valuable opted-in data set”. This partnership will bring BIGtoken’s platform to India, which has a digital population of 627 million. The Indian digital advertising market is $3.5 billion and set to grow at a compound annual growth rate of 32%, making it one of the largest growing digital ad markets in the world. BIGtoken data will be an essential part of this growth and has the possibility of becoming the most valuable opted-in consumer data set in India, driving long-term value for SRAX shareholders.