Capital18 has picked up a stake in interactive marketing and technology services agency Webchutney. As is known, Capital18 is the venture capital and private equity arm of Network18, focused on making investments in media, entertainment and technology ventures.
According to Sidharth Rao, CEO, Webchutney, “The deal amount cannot be disclosed at this point of time. The company will remain independent for now and look for growth capital. We are likely to partner with an advertising agency in the future. The investment by Capital18 will be used to make for rich interactive applications, for which we are looking at key partnerships and hiring, and developing our own creative studio.”
Rao added that the company had plans to expand its our operations across all its offices. “Currently, Webchutney employs 100 people, and I expect that number to increase to 150 by May 2008. We are also looking at expanding our operations to Chennai and Hyderabad. However, before that, we plan to expand our operations with full service teams in Malaysia and Singapore within a year’s time.”