IPG Mediabrands, the media holding company of the NYSE-listed Interpublic Group, has acquired Sequoia Capital-backed digital agency Interactive Avenues (IA). The deal size is estimated at Rs.350-400 crore, likely to take place in tranches over the next few years. IA has close to 200 employees across offices in Mumbai, Delhi and Bangalore. The deal marks the exit for Sequoia Capital India unit, WestBridge Ventures II Investment Holdings, and angel investor Anupam Mittal.
IA was founded in 2006 and has clients in sectors including consumer electronics, FMCG, technology, telecom, banking, insurance, travel, ebusiness and education. Post deal, it will become a part of IPG Mediabrands' Mediabrands Audience Platform (MAP). IA co-founder Amar Deep Singh will become MAP India CEO.
From the Venture Intelligence PE Deal database: IA had raised INR 2.76 Cr and INR 3.68 Cr from Sequoia in Apr-07 and Dec-08, respectively. It raised another round of funding from the same investor in Aug-10.
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