After bharatmatrimony.com, Yahoo to exit Tyroo, Callezee
A week after it exited bharatmatrimony.com, Yahoo is now all set to move out of its other strategic investments in India.
By Ishan Srivastava & Boby Kurian, TNN | Updated:
CHENNAI: A week after it exited bharatmatrimony.com, Yahoo is now all set to move out of its other strategic investments in India - online advertising network Tyroo and directory search service Callezee. The company's board, as part of a global clean-up plan, cleared the divestment in India three weeks ago.
Yahoo had invested in these three firms between 2006 and 2008. Last week, it sold its 12% stake in bharatmatrimony.com to Bessemer Venture Partners, Mayfield Fund and Canaan Partners for Rs 100 crore. The deal had valued the matrimonial portal at Rs 900 crore. Yahoo is now close to finalising a deal for Tyroo and Callezee with Xplorer Capital, a fund floated by ex-Yahoo executives including former senior V-P Keith Nilsson.
"Yahoo is exiting all its investments in India," a Tyroo executive said. Efforts to reach Callezee did not result in a response at the time of going to press while Yahoo did not respond to e-mails.
Yahoo had acquired around 30% stake in the Chennai-based Info Network Management Company Pvt Ltd (INMAC), the company that owns Callezee, in 2008 and a minority stake of around 35% in Gurgaon-based Tyroo in 2007. Callezee was supposed to enhance Yahoo's search capability through its voice search offering, while Tyroo was to gain through Yahoo's expertise in online ad networks.
Tyroo, which received the Yahoo funding soon after its launch in 2007, has since grown to become the second biggest online advertisement network in India behind Google. Discussions for divestment in Tyroo began a few months ago, sources said. The company has grown by 100-150% over last few years, an official said.
Yahoo had invested in these three firms between 2006 and 2008. Last week, it sold its 12% stake in bharatmatrimony.com to Bessemer Venture Partners, Mayfield Fund and Canaan Partners for Rs 100 crore. The deal had valued the matrimonial portal at Rs 900 crore. Yahoo is now close to finalising a deal for Tyroo and Callezee with Xplorer Capital, a fund floated by ex-Yahoo executives including former senior V-P Keith Nilsson.
"Yahoo is exiting all its investments in India," a Tyroo executive said. Efforts to reach Callezee did not result in a response at the time of going to press while Yahoo did not respond to e-mails.
Yahoo had acquired around 30% stake in the Chennai-based Info Network Management Company Pvt Ltd (INMAC), the company that owns Callezee, in 2008 and a minority stake of around 35% in Gurgaon-based Tyroo in 2007. Callezee was supposed to enhance Yahoo's search capability through its voice search offering, while Tyroo was to gain through Yahoo's expertise in online ad networks.
Tyroo, which received the Yahoo funding soon after its launch in 2007, has since grown to become the second biggest online advertisement network in India behind Google. Discussions for divestment in Tyroo began a few months ago, sources said. The company has grown by 100-150% over last few years, an official said.
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