IWPL may use the money raised to fund its inorganic growth ambitions in the healthcare and technology content spaces, besides scaling up India.com, news portal dnaindia.com and entertainment website zeetv.com.
In a communication to the stock exchanges, ZEEL said that its board has approved the stake sale proposal as part of which IWPL would issue convertible preference shares to the new investor. IWPL is a joint venture between ZEEL and American digital media publisher Penske Media Corporation.
The company claims that India.com generates 30 million page views every month. According to Comscore data, it gets 2.5 million unique visitors every month.