Firefly eVentures Ltd, a wholly owned Internet subsidiary of HT Media Ltd has acquired social networking site Desimartini.com in an attempt to enter one of the fastest growing segments in the Indian Internet space. Terms were not being disclosed, though HT Media said it was for less than $10 million (Rs 39.3 crore).
HT Media plans to launch online portals in jobs, matrimonials, real estate and auto verticals — areas where the classifieds pages of newspapers currently dominate and where the Hindustan Times has a strong presence in some markets.
Desimartini.com, launched by Pahwa Knowledge Based Services late last year, is funded by the Pahwa group of companies and has a membership base of 250,000. It attracts around 2.5 million page views a month. Apart from global social networking sites such as Google Inc.’s Orkut and Facebook (in which Microsoft Corp. has recently acquired a stake), Desimartini.com competes with homegrown players such as the Bangalore-based Minglebox.com, which connects students across school and university campuses, Ibibo.com, Indyarocks.com, and Bigadda.com, a site launched by Reliance Entertainment, part of the Reliance Anil Dhirubhai Ambani Group.
Read more in The Hindustan Times article.
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