Homeindia.com in talks for 2nd round of funding

MUMBAI, DEC 19: Homeindia.com, a portal targeted at NRIs, is in talks with venture capitalists for a second round of funding. The company is planning to raise 2 million through this route by January 2000, promoters Hareesh Tibrewala and Sanjay Mehta said on Thursday. Merchant bankers8217; have valued the company at around 15 million to 18 million, Mehta said at a press conference. The company recieved angel investment of 0.5 million from a consortium of NRIs led by UK-based Meghraj Bank in March 1999. The portal which was launched in February 1998, recieved the Most Useful Website award at India Internet World in the same year.

TheUSP of the site is the service which uses a combination of online and offline processing, allowing NRIs to communicate quickly with people, without e-mail access in India. Using an internet account an NRI sends his message via Homeindia8217;s online post service. The message is then printed and posted to the recepient in any part of the country. Similarly, a reverse mail serviceis possible where a handwritten letter is scanned and sent via e-mail. The portal is now planning international offices at US for its gifting services. It is also introducing NRI White Pages and NRI Yellow Pages.