
WestBridge exits India's Interactive Avenues to IPG Mediabrands
WestBridge Capital has exited its investment in India Interactive Avenues, a digital marketing company, to New York media firm IPG Mediabrands for an undisclosed amount.
The original investment was made through WestBridge Ventures II in 2007 when it was part of Sequoia Capital.
Interactive Avenues will become part of IPG's digital services arm, Mediabands Audience Platform (MAP). Interactive Avenues' co-founder, Amar Deep Singh, will be MAP India CEO.
"India is a key market for IPG Mediabrands and for IPG as a whole. This acquisition affirms our commitment to making investments in high growth disciplines and geographies, " said Matt Seiler, global CEO of IPG, in a statement. "We believe India is one of the fastest growing and most important global markets."
Founded in 2000, Westbridge had raised two venture capital funds before merging with Sequoia Capital in 2006. In early 2011, WestBridge split from the Sequoia and revived the original WestBridge Capital Partners, taking out the portfolio firms which were part of the previous funds.
Last week WestBridge invested $35 million in India's Dr Lal Pathlabs through its 2011 WestBridge Crossover Fund. The investment bought up the remaining stake held through WestBridge Ventures I which had been acquired in 2005.
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