High on the success of Moneycontrol.com and IBNLive.com, Television Eighteen India Ltd’s Internet arm, Web18, has acquired three Internet companies – Cricketnext.com, Compareindia.com and Urban Eye, a web design and technology firm. The acquisitions will help the Group consolidate its focus on the Internet business further before it goes for a public offer of Web18. The group will restructure and relaunch the portals so as to align their operations with Web18.
Both Crieketnext.com and Compareindia.com are in the retail consumer space. While Cricketnext.com is one of India’s leading sports portals, Compareindia is a product comparison site offering a comprehensive product comparison engine in over 50 categories.
These two portals will be able to complement some of the key television and Internet properties of the TV 18 Group. Cricketnext.com will complement the group’s online news portal, IBNLive.com and also CNN IBN and IBN7 television channels. Compareindia.com will synergise with Moneycontrol.com. It will also draw synergies with Awaaz, TV 18’s Hindi consumer-business offering on television.
Urban Eye is one of India’s leading web design and technology firm with over 50 highly specialised Internet technology professionals, which will help Web18 scale up its operations rapidly.
This is the second round of acquisitions that Web18 has announced. The company acquired a significant stake in Yatra.com and Jobstreet.com India a few months ago.
“These acquisitions are in line with our strategy to strengthen our position in the consumer Internet space. Web18’s vision is to be the leader in the consumer Internet space. We expect consumer focused services like online recruitment, financial services, travel services, product comparisons and home shopping, sports, etc., to drive the growth of Internet in India,” said Haresh Chawla, TV 18 Group CEO.