After Web 18’s CTO Varun Singh announced he was quitting to start up his own company, another CTO has put in his papers. This time it is UTVNew Media’s Lincoln Gada, who plans to launch his own start up.
Gada was previously CTO of Hungama, and was roped in when UTV New Media was established, 1.5 years ago. UTV New Media owns properties like Techtree.com, UTVi.com and UTVatplay.com the entertainment downloads portal.
Lincoln is now on his way to set up a new media firm of his own, which his Linkedin profile reveals could be a mobile data service provider. “Despite the liquidity crunch, India has a lot of opportunities right now, especially with 3G roll outs,” he said, speaking to Medianama.
Rizwan Thakur, one of the co-founders of IT Nation – which was acquired by UTV, has also put in his papers, the company confirmed. The other co-founder Pavan Sood had cashed out previously.
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13 Comments until now.
Will be interesting to see how UTV will create value in its internet business
How come one cofounder resigned and another one cashed out? I do not understand the terminology? Were all of them pushed out or the opted out. From the linked in profile they do not seem like quitters. Some one please throw some light.
if you know the current CEO, you will understand. He has a lot of experience, but all mostly in mobile space, not much in online. I dont think its his fault too, I think too much was pushed on to him. He did the best he could. They started losing their best people post october from what I hear.
Why in this kind of economy so many people moving out? Atleast both the founders knew internet stuff. Why did they move out. I think ronnie needs to look at the operations much closely to find out what is going on.
One of the people who left 2 months ago claims that IT nation was a white elephant. No returns, only outflows. THere were many other issues as well.. The current CEO is doing what he can, and more, says tht source. But some people realised that their time (and game) was up. One source (who is STILL with the co.) says she is 'relieved' at the purge. :)
I heard that bit about outflows and returns too. I also heard that the CEO at UTV new media didn't quite figure out tech media. ITN used to supplement its online revenues with events which is a normal thing for tech media companies to do. UTV New media apparently shut the events division.
Knowing Internet is not enough to run internet based business. To run business on the net, you need common sense and Indian Internet Industry has a serious lack of it.
complete nonsense if you say the founders knew Internet stuff. The company and its media brands were built by a person who has now left the IT Media industry. I think it was clearly a matter of time that the company started tottering. UTV has made a great decision.
Shyam,
You make it sound like doing business on the Internet is some exclusive domain of "experienced" people. Just because you were saved in the nick of time does not mean luck will favor you all the time.
Those who do not quit, get sacked. Quitting or not is a matter of choice. If you have a choice, you quit. If do not have a choice, you get sacked.
Instead of watching this, why do you not get yourself a job.
Running a business is running a business. Internet or Iron and Steel. Its the same.
The many other issues would be interesting to read about.