Sources tell us that Chakpak, the bollywood based social network has secured funding (amount not yet known) from Canaan Partners.
Chakpak earlier raised seed fund from Erasmic (now Accel India). The site is looking at different sources of revenue (from production houses etc) and it seems has a good traction
This is Canaan’s second foray into a socionet product – they earlier funded Techtribe (any idea how is it doing?).
Update: The investment is confirmed by Canaan.
Congrats to chakpak folks.
Technology has leverage and chakpak folks exploit it to the best. The site shows up in top-10 for relevant web-search queries too. Thats fantastic!!
-Mahesh
Celebrating Life…
I doubt if they’ll be able to compete with the likes of myspace, once they get a little more aggressive.
while its difficult to question the investment given the lack of details, one thing for sure is that chakpak is not going anywhere. who wants to go to a site and read reviews which are worse than the comments on a rediff post. the entire point of a review site is that it should be able to guide its audience whether the movie is worth watching and chakpak does a very bad job of it. the site has become a hang out joint for the “i luking for fraands” junta on orkut.
also canaan has pulled out of its investment in techtribe. techtribe needs to be added to the deadpool.
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Whatever someone might say about chakpak..they have traffic and have significant amount of user activity to boast for. Congrats guys
Regarding techtribe , please add it to the deadpool, the only thing remaining is an official confirmation from Mr. Mittal himself , but do Indian VC’s ever do that ,
Clearly, Alok can see something that mere mortals can’t! Or is there something more than what meets the eye?!
This is the best investment Canaan has ever made. Chapak will dislodge indiafm, filmfare and will become as big has Yahoo
An excellent company with a A+ team. Congrats guys!
Just another follow up. Chakpak I guess has not gone anywhere. A social networking site, to succeed has to have these two down pat
1. Great experience i.e. it should be easy to move around without too much visual clutter. So few get this
2. Keep the lowest common denominator out for the first few years. This sounds counterintuitive, but it is best to keep the network closed, i.e. available by invitation only. This ensures that only the highest quality networkers get in and build a high quality of communication between the members. This will keep out the riff raff even when the network does become open. That allows marketers, distributors, and other industry stakeholders to have a greater respect for the internet property.