MIH India, the holding company for ibibo, Dwaar, Onefamily, Bixee, Newscola.com and ad network Adwinks, will divest up to 50% stake to China based Tencent Holdings. Tencent will invest $7.5 million in MIH India spread over three years with the option of increasing investment. Nikhil rightly points out the high burn rate considering the acquisition for Bixee and Pixrat as well as funding properties such as ratings dud MTV Superstar and FTV Fashion Photographer. With a net loss of Rs 58.55 Crores in FY08, it will only becoming increasingly harder for social media properties like ibibo to find new revenue streams and build viable business models as more international players with better product differentiation enter the market.
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