Eindia Raises $25 M, Forges Tieups

Leading Internet company eIndia.com Inc, has concluded its second round of financing, raising $25 million by entering into strategic alliances with partners, like Chinadotcom Corporation, Garage.com, Alta Partners and TCW ICICI Venture of India. The partners have attached a valuation of $100 million to eIndia.com.

The partnerships will help it gain substantial entry into the growing Asian market place.

Under the agreement with Chinadotcom, both companies will share content and technology, and will benefit by gaining a broader audience, including two million registered users on Chinadotcom, also, more than 2.6 million resident Indians with online access and 34 million non-resident Indians worldwide.

 

Financing from TCW ICICI Venture and Alta Partners will provide the foundation for launching several of the company's ancillary businesses.

"This is a significant step and we are extremely pleased to form strategic alliances with our second-round partners," said Rajeev Tandon, founder and CEO of eIndia.com. "These agreements will help propel eIndia to the forefront of the Asian Internet community, allowing us to broaden our reach while introducing new users and partners to the burgeoning Indian market," he said.

eIndia's business model was designed to build an online community for consumers while offering the partners a business platform in India.

The company offers a range of e-business strategies and Web solutions to small and established businesses throughout India and worldwide which will assist in the development of the Indian Internet economy.

It distributes content, community, commerce and technology including travel, shopping, Web-hosting, news and gifts. In addition, it has created targeted ancillary businesses, including staffing solutions and travel, which generate revenues and open new business channels in the sub-continent.