While the terms of the acquisition were not disclosed, BornRich Founder Nandini Rathi has informed MediaNama that following the acquisition, she has exited the venture and has moved on to Instamedia founder Ankit Maheshwari’s BetaOut, handling its marketing strategy. This deal was first reported by NextBigWhat
Founded in January 2006 by Nandini Rathi, BornRich is a luxury portal that covers lifestyle content in categories such as shopping, auto, watch, estate, gadgets, among others. The site readership was mainly from the United States and claimed to have around 2.5 million readers and around 4 million monthly impressions. BornRich was a part of the Instamedia network, which had raised investment from Vishal Gondal, Samir Bangara and Times Internet*. TechCrunch had reported in 2008, quoting sources, that InstaMedia (then Instablogs) was clocking revenues of around $300,000 per year.
However, Nandini Rathi bought back BornRich from Times Internet last year and in February 2013, Instamedia sold off many of its properties to a Dubai based group. Instamedia founder Ankit Maheshwari had started up again, launching an editorial project management venture called BetaOut, with Vishal Gondal on its board (though not an investor) and Nandini Rathi is a part of the core team at BetaOut.
As for Valnet, there is not much information about the company on its website or elsewhere, except for the fact that it “acquires and operates several online assets across various segments”. Rathi says that Valnet has several properties in the luxury media space, although there is no specific information on these properties.
Updates: Updated to include credit to NextBigWhat
*Disclosure: Times Internet is an advertiser with MediaNama