Finally, Indian web 2.0 companies are finding takers. Publishing firm Infomedia 18 Ltd has acquired local reviews website Burrp! for an undisclosed amount. Burrp! was one of the first few local information websites launched in the Indian market in the last three years.
Burrp! describes itself as a "fun way to find and share your views on local stuff, ranging from restaurants to bars; cafes to roadside stalls". It contains reviews for eight cities as of now which include Mumbai, Bangalore, Delhi and Kolkata.
In a communication to the stock exchanges, the Network 18 group-owned company said that it has "acquired the local information and social media business of burrpl Software Pvt Ltd on going concern basis including the 'burrpl' brand". The acquisition came into effect from March 15, 2009.
"The management believes that the said acquisition will create an important asset for the company's local search initiatives in the emerging media space," Infomedia said in the statement.
Burrp! has angel investment from, among others, Haresh Chawla, CEO of Network 18 Group, which also owns Infomedia. The company was founded by US returnees Deap Ubhi and Anand Jain. Ubhi was previously a senior associate at Alpine Investors in San Francisco before he turned an entrepreneur. The company was also reportedly in the market to raise $6 million two years ago, however, it a VC round did not materialise.
Burrp!'s competition in Indian market includes Ask Laila, which raised two rounds of venture capital funding from Matrix Partners India and Lightspeed Venture Partners.