Web 18 Gets $10 Million In Funding From Tracer Capital

This just in: Web18 Caymans the Internet arm of the TV 18 Universe has received $10 million funding from New York based Tracer Capital. TV18 has informed the BSE of the same. Web 18 properties include moneycontrol.com, ibnlive.com, commoditiescontrol.com, cricketnext.com, compareindia.com, jobstreet.com, yatra.com, tech2.com and Urban Eye Studios, many of which have either been launched or acquired this year.

Sahad adds: According to Indiantelevision.com, the funding will be utilized to acquire a few more portals. Also, quoting sources, the report says Web18 has been valued at slightly over Rs 4 billion. Web 18 is also planning an IPO next year (2007). Surya Mantha, ex-VP at Sify, is the CEO of the company.

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