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Reliance Entertainment is planning to launch an online advertising network called Kyphy, in April 2009. The project is being led by Sudipto Majumdar, former CTO of Zapak, and is another instance of a publisher entering the Ad Network space. Ibibo (MIH India) has its own ad network – AdWinks

Carwale.com, a leading player in the online auto classifieds space has raised $7 million from Sierra Ventures. Lead generation is a key source of revenue for the company, which closed FY08 with revenues of close to Rs. 4 crores. However, in the past few months, online advertising budgets have been slashed, and car sales are down.

Enterprise mobility company ValueFirst has entered the direct to consumer business with the launch of SMSMEON from subsidiary SpotOn Media. The service offers free keywords to users, and makes money when users pay Rs. 3 for a premium SMS to check updates. Implications of this launch.

NEA Indo-US Ventures, IDG Ventures and Accel India Venture Fund II have invested $5 million in Myntra, a company which provides personalised and on-demand consumer products. The company did Rs. 4-5 crores in revenue last fiscal, a bulk of sales coming in the last few months. They expect to break even by the end of FY10.

Microsoft India has launched maps powered by Navteq, a company which was acquired by Nokia last year. Nokia has its own maps service in the market, with plans to power local business information. We wonder if Navteqs multi-year agreement with Microsoft will be renewed. Google also has its own plans.

Also on MediaNama

Eterno Infotech, a mobile applications company based out of Bangalore is in talks with Rediff.com for investment, according to Rediff CEO Ajit Balakrishnan. Eterno has a mobile based transliteration application similar to Quillpad, which Rediff has invested in, and a music discovery application which allows purchase of ringtones and wallpapers, among others.

Sequoia Capital funded social networking site MingleBox.com has had a change of mandate: focusing now more on the education domain, instead of being just another college hangout. Others like PagalGuy, Coolavenues and Info Edge’s Shiksha have a head start.

Live Current Media, which initially inked a deal with the Board of Control for Cricket in India for powering their portals for $50 million over 10 years, has renegotiated their agreement to bring down payouts by $1.25 million for this year and the next. They will also be powering the portal for another Cricket property based on the Champions League T20 tournament.

India TV has set up a separate company for the digital domain, India TV Interactive, with Arvind Mahendru from GroupM joining as SVP (New Media). A number of media companies in India have set up separate Interactive divisions over the past year, with an eye on raising capital separately.

Mathrubhumi, a widely read Malayalam newspaper went mobile, assisted by mobile VAS company Mobshare. Mobshare has a revenue share agreement for advertising with Mathrubhumi, and intends to bring more such companies into the fold. The model is similar to that being implemented by July Systems.

Reliance Entertainment company Zapak.com inked a deal with Greystripe for advertising supported single player games. They already had a deal with Cotopia for mobile multiplayer games. Greystripe competes with Hovr for such deals. The games depend on GPRS connectivity for delivering ads.

Results

Rediff.com reported a net loss of $0.42 Million, though the company claimed the numbers were impacted by a declining rupee – In rupee terms, the India Online revenues increased by 5.5%

During their earnings call, OnMobile Global CEO Arvind Rao said that that mobile operators, globally, have slowed down on deployment of services. The pilot test for their AdRBT platform is due to finish by the end of November, and they’ve been tweaking the service based on consumer feedback. Details on their revenue breakup and performance numbers here.

Sify.com‘s consumer business continued to decline, with lower number of Cybercafe users and broadband subscribers, and the broadband ARPU declining from Rs. 316 to Rs. 305. Consumer Business revenue was down 7% to $7.5 M, and the company dropped broadband rates in the quarter to stem the decline.

IPTV company IOL Netcom has reported a profit after many a quarter, with substantial jump in revenues – at Rs. 14.19 crores, up from Rs. 3.04 crores last quarter. They intend to raise funds via QIB placement.

Northgate Technologies, which owns the social networking site Bharatstudent.com, has reported a net profit for Q2 of Rs. 22.4 Crores. According to their annual report, their subsidiary Social Media India Ltd, which owns Bharatstudent, reported a loss of Rs. 3.96 Crores for FY08.

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