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Canaan Partners, Accel India make strategic investments in Chakpak

25-December-2008
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Canaan Partners, Accel India make strategic investments in Chakpak

Canaan Partners, a global early stage venture investor in innovative technology companies, and Accel Partners (India) have made strategic investment in Chakpak, an India-based next-generation online entertainment community.

It may be noted that Accel Partners has invested in Chakpak’s first round of financing earlier this year as well. Subrata Mitra, Partner, Accel Partners (India), will continue to be on the Board of Directors of Chakpak, and will be joined by Alok Mittal, Canaan Partners’ Managing Director - India.

Chakpak, claimed to be one of the fastest growing Indian online entertainment communities with a global membership base, has initial focus on movies communities. This latest investment in Chakpak further highlights Canaan Partners’ ongoing commitment to early-stage technology deals in India. The investment will accelerate Chakpak’s growth and product offerings while enhancing its delivery infrastructure.

Gaurav Singh Kushwaha, Founder & CEO, Chakpak, said, “It is our intention to offer nothing less than the best entertainment content available on the Internet and create dynamic communities that are abuzz with activities and interactions that make sense both for our members as well as for businesses to leverage efficient ways to interact with these communities. We are delighted to partner with Canaan Partners and have the continued support of Accel Partners. Together, they bring a wealth of knowledge and experience. More importantly, they share a common vision to bring to market next generation communities and services from India, reaching millions of users across the globe.”

Commenting on the investment, Canaan Partners’ Mittal said, “Chakpak is among a new breed that moves away from traditional online entertainment communities, offering today’s trendsetters and tastemakers to allow them to tailor-make entertainment for themselves that does not limit itself to the portal, but also extends to other open platforms. Chakpak’s success within the short period since its inception is a testament to its strong understanding of community building and affinity marketing techniques.”

Accel Partners’ Mitra said, “Chakpak’s initial focus on Bollywood and their ability to use social media marketing techniques effectively have already positioned them well in the online entertainment market in India. We believe that as entertainment channels explode, there would be an increasing need to get customers’ attention early, and Chakpak would be an ‘outreach’ vehicle for a large user-base using mobile or Internet as access. Chakpak, therefore, has the potential to redefine online entertainment for India, and Indians living abroad.”

Comscore pegs the number of online Indians interested in entertainment related content to around 18 million (only resident Indians). This could grow further by 10-15 million, according to conventional estimates, to include NRIs. Alongwith the portal, Chakpak also has a strong presence on Orkut with its application being the top movie ‘app’ since the launch of Orkut Apps earlier this year. Nitin Rajput, Founder & COO, Chakpak, claimed, “Over 1,000,000 users have installed Chakpak’s Orkut app with continuing strong growth.”

Users can install the ‘app’ to rate or review movies, participate in movie quizzes, view celebrity wallpapers, compare movie tastes with friends and lots more. Chakpak claims to have a user-base of over 5 million users per month across channels, with a 50-80 per cent growth rate quarter-on-quarter.

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