Sunil Punjabi, Chief Revenue Officer of digital sales agency and event venture NetworkPlay has exited the venture. Punjabi was a co-founder at NetworkPlay, and becomes the second founder after Rammohan Sundaram to exit the venture. Punjabi was also VP Publications, and heading iMedia Connection India*. Another co-founder, Ampreet Singh, is presently CEO of Networkplay.

NetworkPlay was acquired by Gruner and Jahr (G+J), a part of the Bertelsmann group. G+J also owns a majority stake in MaXposure Media Group, which it acquired in July 2011. It also recently acquired a fledgling mobile ad network called Seventynine, from the Smile Vun group.

We were under the impression that the NetworkPlay founders had a lock-in till December 2013, but, speaking with MediaNama, Punjabi said that they had options for part exits in December 2012 and December 2013. “Ram and I exercised the option for exiting in December 2012. We have received fair value for the exit,” he said. Punjabi is taking a sabbatical for a month, and is weighing his options. He will be starting work again from January.

In other NetworkPlay news, Hitesh Trehan has been promoted as Director Sales.

Corrigendum: This article had (previously) incorrectly mentioned the CEO of NetworkPlay as Amanpreet Singh instead of Ampreet Singh. The error is regretted. Our apologies.

*Disclosure: imediaconnection covers digital marketing, and hence competes with MediaNama