Update: the deal is done, and it appears to be for the platform, team and existing customer relationships. In a blog post, Kashyap Deorah, founder and CEO of Chaupaati Bazaar, which also runs phonepedeal.com, has said that their phone based commerce platform has been used to sell mobile, electronics, magazines, toys, with "hundreds of thousands of phone calls and tens of thousands of orders with happy customers across 150+ Indian cities." Deorah adds that following the integration with FutureBazaar, "Chaupaati Bazaar will build a virtual marketplace model for tens of thousands of brand and retail partners," and that "Future Group is making more investments in scaling the phone commerce business reaching out through print, television, retail, SMS, user communities, and other media." Phonepedeal does appear to have an impressive roster of clients - Kelvinator, Sansui, Videocon, Electrolux, Jaipan, Whirlpool, Lava Mobile Phones, Casio, Micromax, Fernsnpetals, Macmillan, Penguin Books, Amar Chitra Katha, Infomedia18, Tinkle, BIG Home Video, Vodafone, among others. Deorah will serve as the CEO of Phone Commerce. He has sold a company earlier - he had co-founded Righthalf, the first campus start-up as part of the IIT Bombay Business Incubator, which was bought by Stratify. He then worked wit startups in Silicon Valley, before opening the Geodesic office in August 2005, as VP (Business Development). Earlier: FutureBazaar may acquire Chaupaati Bazaar, an online and telephone shopping business, reports The Economic Times, quoting unnamed sources. There's no confirmation of the deal, not has a deal value been specified. Now, what…
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