MUMBAI: In line with the global trend of concentrating on the nternet space, Web18 Caymans, a subsidiary of the TV18 Group, has raised funding of $ 10 million from Tracer Capital.
The funding will be utilized to acquire a few portals besides building a strong leadership position in the internet space. This will help the group consolidate its focus on the internet business further.

According to reliable sources close to the developments, Web18 has been valued at slightly over Rs 4 billion. Indiantelevision.com also learns that the company is also proposing to enter the capital market next year (2007).

With this, the New York based investment fund company, focused on global investment opportunities in the technology, media, telecommunications and business services sectors, will hold a small percentage of stake in Web18 at a later stage.

Web18 has completed two rounds of acquisitions up till now. The company earlier acquired a significant stake in Yatra.com and Jobstreet.com India. The second round included cricketnext.com, compareindia.com and urbaneye.com. TV18's internet arm also manages moneycontrol.com, ibnlive.com; commoditiescontrol.com; tech2.com and easymf.com.

The group had recently, appointed former Sify India Surya Mantha as the chief executive officer for Web18 Caymans.