Nokia (NYSE: NOK) Growth Partners, an investment fund owned by Finnish mobile handset maker Nokia Oyj, has invested $10 million (Rs48 crore) in Web18 Holdings, the Internet arm of Television Eighteen India Ltd. TV18, part of the Network18 Group, is the sole shareholder in Web18. Other details of the deal were not disclosed.
The TV18 scrip was trading flat on the Bombay Stock Exchange on a volatile trading day.
In January, Web18 said it has filed for an IPO on Nasdaq. Web18 CEO Surya Mantha told contentSutra that this investment has no bearing on any previously announced plans. “There is no change in Web18’s business plans, everything is on track” he said.
Mantha said this is a strategic investment in Web18 as a full portfolio business both on Internet and mobile. “A big mobile play was anyway on the cards for us and it’s good to have Nokia, a global leader in mobility, on board with us,” he said.
Nokia Growth Partners has $350 million under management and invests in growth stage companies in the mobile industry, a press statement said.
Web18’s Internet properties include In.com, Moneycontrol.com, CricketNext.com and IBNLive.com.