Jostling for position in India

We reported back in October about Westbridge doing a pre-IPO funding exercise with Times Internet, the online arm of what is arguably India's most powerful newspaper group, Bennett Coleman. There have been some good insights in the past few days from the always-interesting ContentSutra.com about the jockeying for position between western VCs for these types of deals.

It seems that Sequoia Capital got squeezed out. The bubbly nature of the Internet market in Asia's key developing centres, China and India, is clearly indicated by this phrase:

The truth is TIL changed its plans to raise funds now, as it thought it could get better valuations at a later stage.

There is an update on the story today reporting an official announcement from Westbridge on its part in the deal.