You’re reading it here first: ContentSutra has learned from sources that Network18 Capital18 has acquired a majority substantial (not majority) stake in interactive marketing agency Webchutney. Known for it’s online virals, Webchutney was founded in 1999 by Sidharth Rao and Sudesh Samaria. The company had received an undisclosed amount of funding from Russian Hill Ventures. As per its site, Webchutney provides a range of services - interface design and marketing, application development, data analysis and consultancy. Webchutney has offices in New Delhi, Mumbai and Bangalore and employs over 70 100 people. It’s competitors include BC Webwise, Media2Win, Hungama, among others. We’re trying to get more details on the deal, so watch this space.
Update: Webchutney will not be a part of Web18, Network18’s internet and mobile arm.
Update: Had some trouble getting through to Webchutney after I broke the story...apparently they wanted to blog about the funding. Some corrections in the story above: Sidharth Rao, CEO of Webchutney tells me that the investment is from Capital18, Network18s venture capital arm. Capital18 has picked up a substantial stake, though not a majority one, and the company will remain independent. The money will be used to make investments in Social Media, Rich Interactive Applications (where they’re looking at key partnerships) and hiring. Currently, Webchutney employs 100 people, and Rao expects that number to increase to 150 by May 2008. They’ll also look at expanding to Chennai and Hyderabad, though before that, they plan to expand their operations in Malaysia and Singapore.
Disclaimer: I own an inconsequential number of shares of Network18
). Not to miss the key subject… WebChutney… Siddhartha is a friend and I would give all credit to him and his team for this great deal.
