Shimla: Launching a global version of its new social website, Instablogs is out scouting for venture capital to meet its expansion plans for securing a premier position in the space it operates.
The venture that was started by Ankit Maheshwari, a first generation entrepreneur from a small room in Delhi in three years time is out negotiating a multimillion dollar venture capital deal is the buzz on the internet site TechCrunch.
The company moved its main office to Shimla about one and a half years ago and has not looked back. When asked, Maheshwari was tight lipped about the deal size but said â€œnegotiations for investment with venture capitalists was going on.â€
“We have blended traditional media with new media to create a global online newspaper” he adds.
The news site has roped in citizen journalists from countries like USA, UK, Israel, Iraq, Australia, Pakistan, Brazil, Bangladesh, Congo, Serbia, Moldova and others who are contributing exclusive news stories, opinion and pictures.
Sensing the multi-dimensional needs for diverse information to a fast growing global community of active users, we have geared up to become a premier new destination on the web, says Maheshwari.
He claimed that a live news wire service from the Associated Press, keeps the site updated by the minute and any world wide breaking news makes it onto Instablogs before it appears on sites like Yahoo News, Google News, New York Times, CNN and others.
â€œWhile other global online news sites have their domain laced with only local coverage or is strong in only some specific regions or topics. Instablogs has created an environment in which passive readers have become active participants in around 60 major countries of the world, he says.
The community claims to have over 15,000 registered members with over 65 per cent of the traffic logging on its average of 2.5million page views per month from North America and Europe.