Minglebox.com gets $7 million funding

Minglebox.com, a social networking site for college communities and young professionals, has announced that Sequoia Capital has committed an investment of $7 million in the company.

The investment will enable the company in providing its users with new features like authentic college communities, streaming music juke box, live chat and enhancing personalisation and security.

"The funding will also pave the way for extensive product development, technology innovation and expansion of market reach," Kavita Iyer, CEO and co-founder, Minglebox.com, said.

Sequoia will invest in Minglebox.com in a phased manner. Launched four months ago, Minglebox.com, according to Iyer, already has close to one million users.

"Also, two million messages and thousands of photos, videos and blogs have been generated and shared by users. We will also introduce features tailored for internet users," she added.

The company, founded by three IIT Delhi alumni, will depend on internet advertisements for revenue. "The internet advertising in India is expected to be between $300 million and $500 million in the next five years," Iyer stated.