Yahoo buys 35 pc in Tyroo, woos local market
Consumer Internet giant Yahoo, struggling in a global war against the likes of Google and Microsoft, underlined the significance of India not just as a technology base for global operations but a revenue generator on Wednesday when it announced it had bought a strategic 35 per cent stake in Tyroo Media, which specialises in local online advertisements.
No financial details were disclosed on the transaction that came in the backdrop of new studies showing home broadband emerging strong in urban India and indications that advertisement revenues from online sites were expected to grow by an annual 50 per cent. Tyroo is a part of Smile Interactive Technologies Group.
Yahoo India's managing director George Zachariah said Tyroo catered to a publisher base of more than 1,200 clients that included names like HSBC, ICICI, Dell, Tata Indicom and Microsoft.
"Through this investment, Yahoo will have a significant presence in the online advertising business ," he said. He said the tie-up will help Yahoo cater to international clients who want to advertise in India.