Network18 Media & Investments has announced that its venture capital arm Capital18 has entered into an agreement with Dentsu India Group to divest its stake in digital agency Webchutney. This is in line with its stated objective of profitably monetising 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.
Commenting on the transaction, 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.”
Bryan, Garnier & Co acted as the sole advisor to Capital18 and other selling shareholders.