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In a move which will surely send ripples across the Indian online media industry, IndiaTimes, one of the biggest online portals in the country (and owned by Bennett, Coleman, India’s largest publishing group), has sold a 15 percent stake to WestBridge Capital Partners, a Bangalore-based venture fund, and Sequoia Capital, the Silicon Valley-based VC heavyweight, for $36 million.
The sale values IndiaTimes.Com at $240m. The site generated revenues of $27m last year, says this story.
Rumors of a stake sake have been swirling around IndiaTimes for almost a year now, with Yahoo reportedly interested. UK venture heavyweight 3i was also in contention, according to this story.
For all the news related to Indian digital media market, read our sister site ContentSutra.