US-based Canaan Partners has invested in Chakpak.com, an online entertainment community from India. Canaan is a venture fund that invests in early stage companies in the technology space.
Chapak's earlier investors, Accel Partners (India), too has given the company second round of funding. Subrata Mitra, partner, Accel Partners, will continue to be on the board of directors of Chakpak. Alok Mittal, managing director, Canaan Partners-India, too will join the board of directors.
Subrata Mitra, Partner, Accel Partners (India) said: “We believe that as entertainment channels explode, there would be an increasing need to get customers’ attention early, and Chakpak would be an “outreach” vehicle for a large user-base using mobile or internet as access."
Chakpak has a user-base of over 5 million users per month across channels, with a 50-80 per cent growth rate quarter-on-quarter.
“Over 1,000,000 users have installed Chakpak’s Orkut app with continuing strong growth,” said Nitin Rajput, founder & COO of Chakpak.
He further added, “This can be an excellent yet cost-effective medium for stake-holders to connect with their intended audience and get their buy-in ahead of actual project launch.”
