Capital18, the venture capital unit of Network 18 Media & Investments, has sols tis stake in India's leading digital agencies, Webchutney to Dentsu India Group.

The company has now announced the financial details of the deal yet but it is believed that it made 300 per cent return on investment. The latest sale of stake is in line with the company strategy to cash non-core assets and also increase value for the company's shareholders. Bryan, Garnier & Co were the sole advisor to Capital18 and other shareholders.

"Capital18 was a majority shareholder of Webchutney and the investment has generated a return of over 300 percent," the Network18 release said.

Raghav Bahl, Managing Director, Network18 said, "The divestiture of Webchutney, is a reflection of our commitment to profitably monetize our investment portfolio for the benefit of our shareholders and to also facilitate the growth of these businesses to the next level."

During the financial year 2012-2013, the company sold its stakes in Newswire18, Yellow Pages and Askme businesses as well as in Bookmyshow. The sale stake allowed the company to earn Rs. 180 crore additional profits for the year and raised Rs. 235 crore for the Network18 group.