WestBridge Capital Partners invests $7 million in Times Internet

06 December 2005

Bangalor: WestBridge Capital Partners has announced an investment of $7 million in Times Internet Ltd, the digital venture of Bennett, Coleman and Co. Ltd (BCCL) and the publisher of The Times of India and The Economic Times, among others.

Speaking on the investment Sumir Chadha, senior managing director, WestBridge Capital Partners, said, "Times Internet is the undisputed market leader in the internet and wireless value-added services space in India. We believe that the company is very well positioned to continue its rapid growth as the Indian consumer internet and wireless industries scale."

WestBridge is the sole investor in Times Internet Ltd (TIL), and the investment will be used by Times Internet for future acquisitions and towards strengthening its success in the Indian internet and mobile sector.

Chadha will join the board of Times Internet Ltd and Surendra Jain, managing director, WestBridge Capital Partners, will be an observer.

Mahendra Swarup, managing director and CEO, Times Internet Ltd, said, "We are very pleased to have attracted WestBridge Capital Partners as an investor. We believe that their reputation as a value-added investor will help cement the leadership position that Times Internet enjoys in this space."

WestBridge Capital Partners is a Mauritius-based, leading Indian venture capital fund with approximately $350 million under management. IT focuses on high growth companies that target both domestic and export markets across a variety of sectors, including outsourced services, information technology, healthcare and internet. It currently manages a portfolio of 19 companies across India domestic services, IT and outsourcing. Many of these companies are perceived as leaders in their sectors.