Rediff.com Invests in Vakow.com SMS Content Sharing Social Community
MUMBAI, India — Rediff.com India Limited (Nasdaq:REDF), India’s leading online portal, today announced that it has invested an undisclosed sum in Vakow.com (http://www.vakow.com), a fast growing SMS content sharing social community started by IIT Bombay alumni Rahul Gupta and Amit Upadhyay. The investment is part of Rediff’s strategy to encourage young and promising start up companies to innovate and build world class products that will be mutually beneficial.
Vakow.com, which is rapidly becoming popular amongst the young and fast growing mobile population in India, was launched in Oct, 2007. Vakow.com allows users to post their SMSes on its website and share them with their friends on phone, email and on various other popular social networking platforms for FREE. Using Vakow! users can stay in touch with their friends and receive a variety of useful and interesting SMSes.[TABLE OMITTED]
Ajit Balakrishnan, Chief Executive Officer and founder of Rediff.com, said, “We are delighted to extend our support to promising Start-up Companies, such as vakow.com — as their concept is built around forming social communities using the mobile medium which is fast becoming popular amongst the young Indian users.”
Rahul Gupta, CEO & Founder of Vakow.com, said, “We are very excited with the early success of our concept and the response from our community has been extremely encouraging. Our vision is to create the best & the largest SMS sharing community in India and Rediff’s investment will help us to execute our vision.”
Vakow.com also allows users to start their SMS blog, follow friends (or tags) to receive SMSes from them and comment on them from their mobile phones. Users can rate, tag and search for SMSes and also send free personal SMSes to any mobile phone in India.
Rediff.com (NASDAQ: REDF) is one of the premier worldwide online providers of news, information, communication, entertainment and shopping services to Indians worldwide. Rediff.com provides a platform for Indians worldwide to connect with one another online. Founded in 1996, Rediff.com is headquartered in Mumbai, India with offices in New Delhi and New York, USA.
About Vakow! (www.vakow.com)
Vakow! An SMS content sharing social community was launched by IIT Bombay alumni Rahul Gupta and Amit Upadhyay in Oct, 2007. Vakow! allows users to post their SMSes on its website and share them with their friends on phone, email and various social networks, for FREE. Using Vakow! they can stay in touch with their friends and receive a variety of useful and interesting SMSes.
Except for historical information and discussions contained herein, statements included in this release may constitute “forward-looking statements.” These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those that may be projected by these forward looking statements. These risks and uncertainties include but are not limited to the slowdown in the U.S. and Indian economies and in the sectors in which our clients are based, the slowdown in the Internet and IT sectors world-wide, competition, success of our past and future acquisitions, attracting, recruiting and retaining highly skilled employees, technology, legal and regulatory policy, managing risks associated with customer products, the wide spread acceptance of the Internet as well as other risks detailed in the reports filed by Rediff.com India Limited with the U.S. Securities and Exchange Commission. Rediff.com India Limited and its subsidiaries may, from time to time, make additional written and oral forward-looking statements, including statements contained in its filings with the U.S. Securities and Exchange Commission and its reports to shareholders. Rediff.com India Limited does not undertake to update any forward-looking statement that may be made from time to time by it or on its behalf.
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