ITV

Tag: Compareindia.com

  • TV18 appoints Sify’s Surya Mantha as Web18 CEO

    TV18 appoints Sify’s Surya Mantha as Web18 CEO

    MUMBAI: Television Eighteen group has appointed Surya Mantha as the chief executive officer for its internet business arm – Web 18. Mantha brings with him 15 years of experience that spans business management, consulting, product and service development, product management and marketing across a range of business and consumer software, hardware and services companies.
    Prior to joining Web18, he was heading the interactive service business for Sify India based out of Chennai. He had also spent several years at RealNetworks in Seattle WA, USA, according to an official release.

    TV18 group CEO Haresh Chawla says, “Mantha brings with him a unique combination of skills & experience spanning both technology and consumer understanding, particularly in the internet space. This will go a long way in establishing Web18’s dominance in the consumer Internet space in India. We are also confident that his experience in a global environment will help scale up Web18 into the global league.”

    This follows close to the group acquiring 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. This was the second round of acquisitions that Web18 has announced. The company acquired stakes in Yatra.com and Jobstreet.com India a few months ago.

    The Indian Internet industry is on the verge of explosive growth. By 2008, the online user base is expected to grow to 100 million. Web18 has been consistently growing its Internet presence organically as well as through relevant acquisitions in the consumer Internet space.

  • TV18 plans to raise Rs 1 billion, HSBC gets mandate

    TV18 plans to raise Rs 1 billion, HSBC gets mandate

    MUMBAI: Raghav Bahl-promoted Television Eighteen India Ltd. plans to raise Rs 1 billion by placing equity shares or convertible bonds with foreign institutional investors (FIIs).
    The company has mandated HSBC to manage the proposed issue, a source close to the company says. “We are close to finalising on whether it would be an equity or a convertible bond instrument. We have mandated HSBC and plan to raise Rs 1 billion,” he adds.

    When contacted, TV18 CEO Haresh Chawla declined to comment on the issue.

    TV18 had earlier, in its Extra Ordinary General Meeting (EGM), cleared a proposal to enable the board to issue up to an aggregate amount of Rs 3 billion through a “qualified institutional placement to qualified institutional buyers.” This was “just an enabling clause so that the board would not have to seek regulatory clearance again,” the source adds. By making qualified institutional placements, companies are able to raise money in India from FIIs.

    TV18 may use part of the amount to fund acquisitions and upgradation of studio infrastructure. Bahl has aggressive expansion plans, both in the TV and the internet space.

    Web 18, TV18’s internet arm, will have a chief executive officer to head the operations, the source says. Recently, TV18 Group announced the acquisition of three internet companies — Cricketnext.com, Compareindia.com and Urban Eye, a web design and technology firm. The internet businesses are being consolidated under Web 18.

    TV18 is also setting up a Media Venture Capital Trust (MVCT) through which it plans to invest Rs 500 million in the convergence space, identifying small-sized ventures to whom it would provide funding support at the early stage.

  • GBN to hold 15 per cent in TV18’s Web Holdings

    GBN to hold 15 per cent in TV18’s Web Holdings

    MUMBAI: Raghav Bahl-promoted TV18 Group is consolidating its internet businesses into Web 18 Holdings Ltd. As part of this plan, Global Broadcast News (GBN) has transferred its interactive news and current affairs internet portal, ibnlive.com, to Web 18 Software Services Ltd, a subsidiary of Web 18 Holdings Ltd. With this, GBN will hold a 15 per cent stake in Web Holdings.

    According to the consolidation plan, Web 18 Holdings will run the internet businesses either directly or through its subsidiaries. The internet company plans to raise capital from financial or strategic investors.

    Bahl has an aggressive internet plan and today announced the acquisition of three companies – Cricketnext.com, Compareindia.com and urban Eye. Earlier TV18 acquired significant stakes in Yatra.com and Jobstreet.com India.

    Revenues from TV18’s internet business crossed $1 million during the first quarter of this fiscal.