Euro RSCG chief Ishan Raina moves to 3i

MUMBAI: Ishan Raina, currently chairman & partner of Euro RSCG, has joined global private equity firm 3i after 25 years with the advertising industry. Mr Raina will be ‘entrepreneur in residence’ and begin ventures in new media and the out-of-home space which will be funded by 3i.

Mr Raina confirmed the arrangement, but said he would continue as chairman and partner of Euro RSCG. Mr Raina holds 40% in Euro RSCG India which he is likely to sell in phases to Havas, the Paris-based parent of Euro RSCG.

Havas is the majority 60% owner of Euro RSCG. Sources close to the development said 3i would be looking at funding close to $20-40m in Mr Raina’s new ventures. However, the nature of the new business is still unclear.

Headquartered in Paris, Havas has three principal operating divisions: Euro RSCG Worldwide, which is headquartered in New York, Arnold Worldwide Partners in Boston, and Media Planning Group in Barcelona.

Mr Raina, who was responsible for turning around Contract Advertising, left to set up Euro RSCG’s India operations in November 1995 as founder and CEO. In 1997, he was also responsible for the Middle East.

He served as chief executive officer of Euro RSCG India Middle East since June 1998, till earlier this year. Before joining Euro RSCG Worldwide, Mr Raina was with J Walter Thompson, serving as executive director of Contract.