Networkplay, an India-based advertising network backed by the corporate venturing unit of local media company Network 18 and advertising company Webchutney,, was sold on Tuesday last week to Gruner + Jahr, part of Germany-based media conglomerate Bertelsmann.
The company was incubated in 2008 by Webchutney and also backed by Capital18, Network18’s corporate venturing unit.
Sidharth Rao, founder & chief executive of Webchutney, said, "Ram and his team have built an amazing business from an idea a few years ago. We are very proud and delighted to have believed in Networkplay’s vision from the first day. A partnership with a leading global company, Gruner + Jahr, will propel Networkplay on a stronger, higher growth path."
Sarbvir Singh, managing director of Capital18, said, "Ram and his team have built an outstanding business in a very short span of time. We wish them and G+J continued success in India. This transaction is an important milestone for Capital18 as we continue our journey of working with extraordinary entrepreneurs in the media and entertainment space in India."
BMR Advisors was advisor to Capital 18 and Webchutney on the sale.