The biggest clincher for Times Internet has been short video platform, MX TakTak, which was acquired by ShareChat in February 2022 in a $700 Mn
Times Internet has also sold DineOut to Swiggy as well as MensXP, iDiva and Hypp in the past two and a half years for hefty amounts
The digital juggernaut’s losses ballooned 43% YoY to INR 490 Cr in FY23 while online ad revenue declined 4.5% YoY to INR 762 Cr in the fiscal under review
Times Internet, the digital arm of Times Group, has raked in at least $1 Bn from selling its multiple digital properties since 2022.
The biggest clincher for Times Internet has been short video platform, MX TakTak, which was acquired by ShareChat in February 2022 in a $700 Mn deal.
In the same month, the digital major also sold its online restaurant table booking service platform DineOut to foodtech major Swiggy in a deal estimated in the range of $150 Mn to $200 Mn.
Later that year in June 2022, D2C ecommerce roll-up unicorn Mensa Brands also picked up three brands – MensXP, iDiva and Hypp – from Times Internet’s kitty. While Inc42 then estimated the deal size of the two content-to-commerce platforms (MensXP and iDiva) to be around $100 Mn, there was no clarity on the price tag of the creator tech platform.
The latest platform to leave the Times Internet’s fold appears to be wealthtech startup ET Money, which the digital juggernaut sold to wealth management platform 360 One WAM in a $44 Mn cash and stock swap deal. While Times Internet will receive INR 85.83 Cr upfront in cash, the remaining amount will be settled via issuance of 35.9 Lakh fully paid-up equity shares.
On top of this, Times Internet also offloaded its subsidiary company and edtech platform GradeUp to BYJU’S in 2022 for an undisclosed amount. However, reports estimate that the digital giant received shares worth INR 18.5 Cr in BYJU’S for the sale.
While the Bengaluru-based edtech juggernaut was once valued at $22 Bn, it is currently worth a mere $220 Mn after executing its $200 Mn rights issue earlier this year. So, if Times Internet still owns the shares, they may not be worth much.
Amid all this, Times Internet is in the final stages of selling its video streaming platform MX Player to ecommerce major Amazon in a $100 Mn deal.
The selling spree comes at a time when Times Internet continues to post heavy losses even as ad revenues continue to decline. The digital major’s losses reportedly ballooned to INR 490 Cr in the financial year 2022-23 (FY23) as against INR 341 Cr the year ago period.
Meanwhile, online advertising revenue fell 4.5% year-on-year (YoY) to INR 762 Cr in the fiscal under review compared to INR 798 Cr in FY22.
Note: This is not an exhaustive list. Deal sizes are based on reports and Inc42 data.
