Network18 Media & Investments Ltd (Network18) has announced that its venture capital arm Capital18 has entered into an agreement with Dentsu India Group to divest its stake in Webchutney, one of India’s leading digital agencies.
This is in line with its stated objective of profitably monetising the investments to create value for the shareholders of Network18.
Capital18 was a majority shareholder of Webchutney and the investment has generated a return of over 300 per cent, the company said in a filing to the BSE.
Raghav Bahl, Managing Director, Network18, said: “The divestiture of Webchutney is a reflection of our commitment to profitably monetise our investment portfolio for the benefit of our shareholders and to also facilitate the growth of these businesses to the next level.”