Sulekha.com which was funded last year for 10 million dollars by Norwest Venture Partners has now aiming to go IPO by next year. We had earlier covered similar plans of travel portals and also other classifieds players who are also looking at going IPO.
Sulekha is expecting to do revenues of $30 million (about Rs 120 crore) by the time they go for the IPO. According to this article the online local Internet advertising market in India is estimated to be about Rs 450 crore at present and there are many players pursuing the same pie. Local search engines like asklaila, guruji, burrp, onyomo and many others are vying for the same market.
Elaborating on the companies plans, Satya Prabhakar, Sulekha CEO said the company will soon establish city-specific services across 40 tier-II, III types of cities including Mysore, Coimbatore, Trichy, Chandigarh, Indore, Surat and Vijayawada.
Sulekha had recently done a revamp of its design but to me it still does look like a local classifieds player for NRI’s which they had also taken to mobile. Though it has made attempts to pose as a social networking web 2.0 player using the blogs and paying bloggers that exist on sulekha. Honestly to me the positioning of sulekha has always sort of been confused. Nevertheless it does seem it has big plans and its going to scale using tie ups with channel partners like Vodafone, AirTel, Reliance Communications and Sify.