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Web18 Holdings, the internet arm of Television18 India Ltd, is raising $10 million from Nokia Growth Partners (NGP), a venture capital firm with $350 million under management.

NGP, part of the mobile handset major,  focusses on investing in information and communications technology companies serving the mobile industry.

Web18 Holdings will invest the amount in upgrading its existing online portals although it does not have any immediate plan to launch of new websites, RDS Bawa, Group CFO, Network18, told VCCircle.

Web18 Holdings has also put its proposed maiden public issue plan on hold since the fund-raising from Nokia Growth Partners will allow the company to meet its short-term funding requirements. “We will proceed with the IPO once the market revives,” said Bawa.

He, however, declined to divulge details on the time frame and the amount that the company was looking to raise through the proposed IPO.

Web18 holds the internet properties of the group that include moneycontrol.com, commoditiescontrol.com, ibnlive.com, in.com, tech2.com, cricketnext.com, poweryourtrade.com, biztech2.com, compareindia.com, storeguru.com, indiaearnings.com, jobstreet.com, indiwo.com, buzz18.com and josh18.com.

In January 2009, Network18 Media and Investments Ltd and its subsidiary Television Eighteen India Ltd submitted a draft registration statement to the US Securities and Exchanges Commission on a confidential basis for an initial public offering of American Depository Shares in its Internet subsidiary Web18 Holdings Ltd.  

BMR Advisors was the banker on the this deal.

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