3i has lost out in the race to acquire a minority stake in leading portal IndiaTimes.Com, disappointing the UK venture fund's hopes for a notable debut transaction in India.

WestBridge Capital Partners, a Bangalore-based venture fund, and Sequoia Capital, a heavyweight US investor based in Silicon Valley, will jointly pick up a 15 per cent stake in the portal, part of Bennett, Coleman, India's largest publishing group, for $36m, say people familiar with the deal. The sale values IndiaTimes.Com at $240m.