Ajit Varghese Joins Madison as Partner & Group CEO, Takes Equity Stake in Agency

Madison Media has officially announced the return of veteran media executive Ajit Varghese as Partner and Group CEO – Media & OOH.

With over 30 years of experience in media agencies, digital platforms, and broadcasting networks, Varghese is rejoining the agency where his professional journey first began.

A Full-Circle Career

An alumnus of Xavier Institute of Management, Varghese began his media career with Madison Media. He served as Chief Operating Officer of Madison Media Infinity for seven years, playing a key role in the division’s growth.

His professional path later took him to GroupM, where he held major leadership roles, including Managing Director, South Asia at Maxus; CEO Asia Pacific at Maxus; and Global President at Wavemaker in London.

In more recent years, Varghese moved into leadership roles beyond traditional media.

He served as Chief Commercial Officer at ShareChat and later headed revenue for the Entertainment & International vertical at JioStar, the joint venture between Reliance and Disney.

At JioStar, he significantly contributed to monetisation efforts across television, digital, and connected TV platforms, while also promoting branded content and immersive consumer engagement strategies.

Balsara Welcomes Varghese Back

Madison World Chairman Sam Balsara expressed his enthusiasm about Varghese’s return.

“I am delighted to have Ajit join us back. Ajit has all the credentials to steer an agency like Madison into the future; substantial media agency experience at Madison and Group M, both in India and abroad, then with a digital publisher and finally with Jio Star. Ajit, like Vikram will join us as Partner and CEO with a stake in the business,” Balsara stated.

Varghese’s Vision for Madison’s Future

Commenting on his new role, Varghese said, “Coming back to Madison feels like returning home — but with a fresh purpose and a bigger mission.

This is where my media journey began, and it’s where I now hope to help write its next big chapter. The world of media is transforming at lightning speed, and Madison is uniquely poised to lead with its client-first thinking, independent spirit, and deep talent.

I’m thrilled to partner with Sam and the entire team to shape the next phase, stay future-ready and platform-powered Madison that delivers innovation, agility, and measurable business outcomes for brands. The ambition is clear: make Madison the most impactful and future-facing agency in the region.”

Recognition for Madison Media

Madison Media remains India’s leading independent media agency and continues to earn industry recognition.

It was named ‘Media Agency of the Year’ at the e4m Prime Time Awards 2025 for the sixth time and ‘Outdoor Media Agency of the Year’ at the e4m NEON OOH Awards 2025 for the third time.

The agency manages prominent clients such as Marico, Asian Paints, Titan, TVS, and Godrej and is a part of Madison World, a communications group with over 1,300 professionals across India.

Leadership Changes at JioStar

Varghese stepped down from his position at JioStar on July 31, 2025. During his tenure, he led revenue initiatives across television, digital, and international markets.

Mahesh Shetty, who currently leads JioStar’s large customer sales (LCS) division, has been named as his successor.

Earlier this month, JioStar also witnessed the exit of Sanjog Gupta, who was the CEO of its sports and live entertainment division. Gupta has now joined the International Cricket Council (ICC) as its seventh CEO.

Early Contributions to Madison

Varghese first joined Madison in 1999 as Head of Planning for Coca-Cola and swiftly climbed the ranks.

As COO of Madison Media Infinity, he played a crucial role in achieving 40% growth and bringing in major clients such as McDonald’s, Marico, Asian Paints, and Axis Bank.

He then moved to Maxus India under WPP in 2006 and went on to become CEO for the Asia Pacific region, followed by his role as Global President of Wavemaker.

His global leadership experience continued with ShareChat and Moj in 2020 and later with Disney Star in 2023.

Strategic Move Amid Speculation

His return to Madison is considered a strategic decision as the company prepares for future growth and innovation. Media speculation suggests a possible stake sale by Chairman Sam Balsara, although no formal confirmation has been made.

Alongside Varghese’s appointment, Vikram Sakhuja has been promoted to Executive Director. Based in New Delhi, Sakhuja will now focus on strengthening organisational capabilities.

An official statement confirmed that Varghese will immediately take over as Partner and Group CEO of Madison Media and OOH, marking a significant moment in his journey as he returns to the firm where it all began.