Network18 exits Webchutney, earns 300% on investment
Last financial year, Network18 profitably sold its entire stake in Newswire18, divested its Yellow Pages and Askme businesses and diluted its majority stake in Bookmyshow.
Network 18 Media & Investments Thursday said its venture capital arm, Capital18 has sold its stake in Webchutney, one of India's leading digital agencies to Dentsu India Group, for an undisclosed sum.
"Capital18 was a majority shareholder of Webchutney and the investment has generated a return of over 300 percent," the Network18 release said. The divestment is in line with the company’s strategy to monetize non-core assets and create value for shareholders.Last financial year, Network18 profitably sold its entire stake in Newswire18, divested its Yellow Pages and Askme businesses and diluted its majority stake in Bookmyshow.These transactions cumulatively added Rs 180 crore to profits for the year and raised Rs 235 crore for the Network18 group.Commenting on the latest transaction, Raghav Bahl, Managing Director, Network18 said: "The divestiture of Webchutney, is a reflection of our commitment to profitably monetize our investment portfolio for the benefit of our shareholders and to also facilitate the growth of these businesses to the next level. Bryan, Garnier & Co. acted as the sole advisor to Capital18 and other selling shareholders.Disclaimer: Moneycontrol.com is part of the Network18 Group. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
