Minglebox, the Indian Social networking site focusing on colleges and universities, has received $7 million in funding from Sequoia. MingleBox claims to have 50,000 photos and 5000 user blogs.
As per Kavita Iyer, MingleBox CEO, key differentiator of MingleBox is their ‘Indianness‘ (still trying to figure what that translates to).
The funding will go into product development, technology innovation and expansion of market reach.This site plans to also add corporate communities soon, targeting IT and BPO employees to begin with.
Rest here.
By the way, I wasnt sure how to react when I read the following sentence in the Hindu story above:
Privacy of user content and security in the form of password encryption is being maintained.
Sequoia must be desparate. First travelguru, then guruji and now minglebox. Whatever happened to investing in good ol’ innovation
Classic example of INSIDER TRADING
Kavita is Sandeep Singhal’s (Sequoia India MD) wife.
its not sequoia who is desperate,its just sandeep and kavita’s
big social coupe
AUTHENTIC COLLEGE COMMUNITIES- IS mingle box trying to invent words
Wow! great news….Now I under understand what they mean by “access liquidity” in world capital market.
Can anyone well me to get a rough estimate of consumer internet market for next 3-5 years.As per me its less then 1 million users who use internet beyond mail and porn.( defination of active users by Internet & Mobile Association of India (IAMAI) sucks
)
7 million sounds very larger for Indina market by any measures that to in a crowded but nascent market. That too in a unclear bussiness.
I have no idea how SN can me monetise in indian market.Somebody please explain me where is the money????????????
have heard my nephews talking about minglebox. looks like they might be getting across to the folks in college.
good market, great team..guess thats what all investors look for. And hey, there’s plenty of capital chasing good entrepreneurs right now in India!!