online ad agency webchutney raises money from capital 18

Close on the heels of Quasar Media selling a 75 per cent stake to WPP Digital, another Delhi-based online ad agency Webchutney has raised an undisclosed amount of funding (”a lot of pretty pretty zeroes”, according to the company release) from Capital18, the venture capital arm of Network18 (earlier known as TV18 Group). The company is believed to have sold a significant minority stake. The existing investors like Russian Hill Ventures and other angel investors have exited in this round of investment.WebChutney CEO Sidharth Rao told VC Circle that the company would be focusing on growth, hiring talent and expanding its facilities like a creative studio with the capital it has raised. “We want the best people and the fanciest arsenal and that’s what we are going after with the money,” a release from the company adds.Webchutney, founded in late 1990s by two young college dropouts Sidharth Rao and Sudesh Samaria, has now emerged as one of the largest interactive marketing and technology services agencies in India. The company provides creative services to companies like Microsoft, Airtel, MakeMyTrip, HP, HSBC and Citibank. Their services include online advertising, website design and development, search engine marketing and social media consulting. The company employs about 100 people. The company blogs about the investment here. Contentsutra, which had done the story this afternoon, reports that the capital will be used to make investments in social media, rich interactive applications and so on.This is the second investment of Capital18. Early this month, the fund had invested $4 million in e-learning company 24/7 Learning.