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Bangalore, July 2

IDG Ventures India, a $150-million early-stage technology venture capital fund, said it would invest in Ozone Media, an online advertising network. As part of the investment, Mr Manik Arora and Mr Ritesh Banglani from IDG Ventures will join the company’s board of directors. As an ad network, Ozone Media provides advertisers, who want to leverage the Internet, access to Web sites in its database. It utilises advanced behavioural and contextual targeting techniques to identify the most relevant Web sites for advertisers and allows such advertisers to track performance of their campaigns. The Indian market for online advertising is estimated to be Rs 450 crore currently and is expected to grow to Rs 2,000 crore over the next three years.

— Our Bureau

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