Chakpak, which I reviewed earlier, has secured VC funding from Canaan Partners. The size of the funding round has not been disclosed, however, ET puts it at around $5 million. Explaining the reason behind the funding, Alok Mittal, Canaan Partners writes:
- Entertainment is a high usage and engagement category. Including the NRI base, the target audience is about 20-30 million
- Entertainment is also a high spend category, with over $36B spends on media and entertainment as per PwC FICCI Frames report.
- Efficient execution – over 5 million users access chakpak services every month, and chakpak team has done a great job of generating such levels of usage without spending a dime on marketing. They “get” the internet.
I have been impressed with Chakpak from the get go, and they’ve indeed done a superb job at executing – especially with their Orkut apps.
Good luck to these guys !!