Private equity firm Sequoia Capital India has exited from its investments in New Delhi-based Times Internet Limited (TIL), according to a report in Medianama. The $7-million investment in Indiatimes was made in late 2005 by WestBridge Capital Partners, which was later acquired by Sequoia in 2006.
Reportedly, TIL has bought back the shares issued to WestBridge Capital. However, Sequoia’s return and the valuation at which the firm made its exit could not be ascertained.
Times Internet is the digital venture of media conglomerate Bennett, Coleman and Co. Ltd (BCCL). It provides internet and mobile value-added services. The company has recently expanded its operation adding ecommerce, online advertising, online money remittance services and online classified advertising.
The company has also been exploring opportunities to expand through the inorganic route. In 2008, it acquired 50% stake in US-based Webnotions Books India, which runs online book marketplace called A1Books.co.in.
Some of Sequoia’s other investments in Indian online space include Apnaloan.com Services Pvt Ltd, TutorVista.com, Shadi.com and ticketing site Via.