MingleBox funding – public reactions

Last week, MingleBox announced that they had received $7 million in funding from Sequoia.

Based on reactions and public comments on some of the leading Indian blogs, I feel that there is a single question on everyone’s mind -

“Why and How did MingleBox manage to get $7 mill. in funding from Sequoia ? “

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  1. and what will they do with $7 million? :)

  2. Most responses to the ‘Why?’and ‘How?’ have bordered on the loaded team background or allegations of insider trading.

    While I cannot claim to have great expertise, here’s what my thinking tells me – according to FICCI Price Waterhouse Coopers’2007 report the internet advertising will grow to a size of Rs. 950 cr by 2011 ($230 million). Here’s a link to the online article:

    Assuming that Minglebox use that $7 million to build a destination site (with rich content and community) for young indians and assuming that they target to capture a small percentage of that projected advertising market – the business proposition from Sequioa’s perspective is worth taking the risk. I’d say the risk of losing on a market set to happen is far greater.

  3. Why is it surprising. Minglebox is run by Sequioa’s fund manager’s wife !

  4. As someone who understands the investing side a little bit, find the fracas amusing. In this market, everyone has options and the folks in question are too professional to do anything less than the best for their respective businesses.

  5. Was just curious and checked out the site. Nice web 2.0 execution – maybe one of the first few among Indian sites I think.

  6. Agree with Lakshmi. Sounds like its a bet on a market waiting to happen and a team with credentials and promise.

  7. They (Sequoia) are playing a different game here.
    http://www.ekbaat.com/document.php?id=11 here’s how and why.

  8. Tend to agree with Lakshmi….at a time when avenues for investing in start-ups like axpov.com exist; it’s ridiculous for sequoia to sink in $ 7 M in minglebox. The site’s pathetic, with such scant attention being given to aspects like usablity, visual appeal etc.