Naspers, the South African media conglomerate, has said in its investor presentation that it invested ZAR 92 million (around $12.8 million or Rs 59.2 crore at current rates) in MIH India (Ibibo) during the 2010-11 financial year (FY11). This is substantially more than the ZAR 76 million (around $10.6 million at current rates) it had invested in 2009-10 the financial year (FY10), but less than the ZAR 98 million invested in the company during the 2008-09 fiscal. MIH India Global Internet Limited (MIH India) is a joint venture between Naspers and Tencent, and owns the social network Ibibo.com and e-commerce businesses Tradus.in and GoIbibo.com. In the annual statements, Naspers makes the following statements about its Indian business: - Good growth in social media and micropayments - Successfully launched marketplace trading platform - Established largest domestic online travel website - Created payment platform and integrated major banks, credit card companies and mobile operators In particular, the claim of being the largest domestic online travel website (GoIbibo) is unexpected - we would have thought that established OTAs like MakeMyTrip, Yatra and Cleartrip, or platforms like Via would be larger. Naspers also owns 30% in Mobile VAS company ACL Wireless, 36.1% in mobile advertising and content company Buzz City, and 43.6% in Mobile Instant Messenger and Internet Telephony service Nimbuzz, as well as a majority 71.5% (fully diluted) stake in classifieds business OLX. MIH's acquisition of Gaadi.com* from Accentium Web in February 2011 finds no mention in the report. During the 2009-10 fiscal, Ibibo launched social games, integrated telecom operator…
