Ybrant Digital on fund raising spree

Hyderabad, Jan 18 (PTI) Ybrant Digital today said ithas raised USD 48 million and is proposing to raise some morefund through various routes, including an initial publicoffering (IPO).

The city-based digital marketing company will utilisethe amount to expand its activities, develop new technologies,increase the international footprint and consideracquisitions, officials said.

The USD 48 million was raised from Oak InvestmentPartner, ICICI Bank, Asia-Pacific Capital and a US-based fund,which did not want to disclose its identity for want of someregulatory clearances, they said.

The digital advertising industry has experiencedunprecedented growth in the last 10 years, which highlightedthe strategic value inherent in and the growing importance ofdigital advertising advertising pie," said Suresh Reddy,Founder of Ybrant Digital.

Reddy said that the company was not in a position tooffer the break-up of the quantum of investment by eachinstitution. While a portion of the fund was taken in the formof equity, some was debt and the company was not ready todisclose the details of the debt-equity ratio, he said.

The company had filed a draft red herring prospectus(DRHP) with the Securities and Exchange Board of India (SEBI),but withdrew it owing to economic downturn.

However, the company was mulling the idea of an IPOonce again. Ybrant Digital acquired Lycos for USD 36 millionearly this month from Daum Communications in Korea.