HT buys DesiMartini for less than 10 million USD, The bubble Cometh? : Alootechie

HT buys DesiMartini for less than 10 million USD, The bubble Cometh? : Alootechie: "HT buys DesiMartini for less than 10 million USD, The bubble Cometh? November 21, 2007 | News | Share This Just woke up to this news, Firefly eVentures (The new, wholly owned Internet subsidiary of HT Media Ltd) has acquired social networking site Desimartini.com. Terms have not being disclosed, though HT Media has said it was for less than $10 million (Rs 39.3 crore). I am not trying to be nasty here, but IMHO 10 million USD is stretching it too far. But then if MingleBox can get funded for $7 million, maybe I should just shut up. Desimartini.com was founded by Vivek Pahwa and launched by Pahwa Knowledge Based Services late last year. DesiMartini claims it has a membership base of 250,000 and attracts around 2.5 million page views a month. “This acquisition in the social networking space is the first step towards expanding our Internet base. We are exploring other new online businesses such as gaming, e-commerce and classifieds,” said Amit Garg, business head, Internet, HT Media. He further added, “It may look like we are late in getting into the local social networking business, but the Internet business is still in infancy and not mature in India.”"