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FlipKart acquires digital assets of Chakpak.com
23 Nov 2011

It was rumoured and we have an official confirmation now that FlipKart Online Services Pvt Ltd which runs FlipKart.com, has bought the rights to Chakpak.com’s digital catalogue. Chakpak is an online community for Indian entertainment and FlipKart now has complete access to this content. Nitin Rajput, one of the founders of Chakpak, has joined the FlipKart team, however, according to sources, Chakpak's other founder Gaurav Singh Kushwaha has left the company to work on a new venture.

Chakpak.com, which remains shut down as of now, offered news, updates, photos and videos of Bollywood celebrities. Founded in 2007 by Gaurav Singh Kushwaha and Nitin Rajput, Bangalore-based Chakpak Media raised its seed round of funding from Erasmic Ventures (which is now Accel Partners India), and its second round from Canaan Partners and Accel Partners India in December 2008.

Meanwhile, FlipKart is also building an online music store and had recently acquired book recommendation engine WeRead and digital music firm Mallers, Inc. The company is also investing in scaling up its music CD and DVD store with the help of Mallers’ team. “This development is part of our digital strategy, which included the acquisition of Mime 360. We are currently discussing the way forward for the original Chakpak site,” Sachin Bansal, CEO and Co-Founder, FlipKart has told AlooTechie.

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Shyam
24 Nov 2011

The entire VC funding thing is a racket..when you meet them for investment for even a good idea, you get lots of questions - most of them very inane however they end up investing in Chakpaks of the world!!

Hawk
24 Nov 2011

Another great exit for the Indian VC industry and to Alok Mittal. Another investment of Canaan bites the dust.Wonder what the logic was for investment in the first place. What is the next write off for Canaan - Equitas ??; the MFI investment made after the industry was already getting a whiff of murkiness.

Payal
24 Nov 2011

This deal is a sham! I am dead certain that Accel who's invested in Flipkart got Flipkart to buy out their embarrasing investment in chakpak so that they get whole on the deal! Must be an inside deal with the FK founders to compensate for extinguishing the embarrasment. Sachin Bansal should have known better than to do this.

Lucifer
23 Nov 2011

Remember Alok Mittal of Canaan proudly saying that the bashing their decision of investing in Chakpak got, proved that they have done something right! Poor Fellow!