Palo Alto, California (PressExposure) January 18, 2011 -- Ybrant Digital, the global digital marketing company, today announced the closing of a $48 million round of fresh financing as combination of debt and equity. Ybrant Digital will use this new round of funding to grow its reach, develop new technology, expand internationally and explore acquisitions.
Oak India Investments, an affiliate of Oak Investment Partners, participated in the new financing round; joined by current investors, Asia Pacific Capital, as well as ICICI Bank. The financing comes in the wake of a very successful year for Ybrant, characterized by its major acquisition, Lycos - a leading Internet and Search portal, and the launch of its local search platform, 'Ybrant Reach' ('YReach') in India.
The digital advertising industry has seen an unprecedented growth over the last ten years that has highlighted the domain's strategic value and its growing importance in the global advertising market. In this climate of increased activity and consolidation, Ybrant Digital aims to continue its rapid growth. "Suresh and his team have demonstrated unique ability to identify, acquire and integrate, relevant businesses across the world. We are confident that Ybrant will emerge as the digital marketing leader of the next generation with emphasis on global growth and new media" said Roy Rodrigues, advisor to Oak Investment Partners.
"Ybrant Digital exemplifies the kind of company we look to invest in; a company that provides meaningful value to a growing customer base and, most importantly, strong fundamentals and an innovative spirit that drive business growth" said Sanjeev Mantri, General Manager at ICICI Bank.
"We invested in Suresh and his team with great faith in their ability to deliver, based on significant previous entrepreneurial and managerial success. Through acquisitions, strategic alliances, and organic growth; the Company has exceeded our expectations and we are truly excited to support an industry leader" said Alicia Eastman, Executive Director and Partner at Asia Pacific Capital.
"Having a buy-in from Investors like Oak, Asia Pacific Capital and ICICI brings validation to our business strategy, as we embark on our next phase of growth and expansion" said Suresh Reddy, Chairman and CEO of Ybrant Digital. "Ybrant has become known for our endeavor is to engage audiences across all forms of digital media around the world."