The report states that the company had previously raised investment from Infinity Ventures in 2000 and from Seedfund in 2007 and following this investment, Seedfund reportedly has a significant minority stake in the company. However, there is no specific information regarding this.
Launching Three New sites: The company plans to use the funds raised to build The Mobile Indian brand in the online and offline segment, as indicated by the report.
It also plans to launch a lifestyle content site in the next four months and two other sites by early next year. However, the company hasn’t disclosed any specific information what segment will these sites target, although an IndiaDigitalReview article suggests that these sites will be non-news sites and will focus on niche topics. We have contacted SeedFund Managing Partner Mahesh Murthy for more details on this and will update the story when we get a response.
Founded in September 1999 by Sreekant Khandekar, Banyan Netfaqs runs owns and operates afaqs (previously called agencyfaqs), an advertising, media and marketing portal and The Mobile Indian (previously called Telecom Yatra), a mobile/telecom portal. It also publishes a fortnightly print magazine called afaqs! Reporter, which provides news on advertising, media and marketing segments. The company currently employs around 100 people, and has offices in Mumbai, Delhi and Bangalore, as indicated by the report.
Last year, the company had launched a digital marketing education and training division called Afaqs Campus, through which it offers training programs in digital marketing topics like social media marketing, mobile marketing, display advertising, search engine optimization and search engine marketing and analytics among others. In July 2012, it had also launched a micro-networking site for the advertising, marketing and media community in India called ThePodium.in.