Sequoia Funds $7M to Minglebox - A Comparision with Competition

Minglebox, the India-based social network for college campuses, raised $7 million in funding, backed by Sequoia Capital India.

Minglebox started with a concept similar to facebook, creating customized networks for people on college campuses. The goal is for each network to be a close knit community, working like a college intranet. As with many other social networking sites, you can share videos, music, blogs, photos and events with friends and the group at large.

Minglebox was created by a former Yahoo employee, Kavita Iyer, and the other two founders, Sanjay Aggarwal and Sushma Abburi.

There has been a widespread speculation of a vested interest in the unusually high amount of funding for such a small startup, as their userbase is far less compared to Youtube and to that of its nearest competitor.

A sample graph to showcase the competition.

Comparision with Competition:
Minglebox.com vs Bharatstudent.com
________________________________

PSP2 in the making??

Over the past few weeks there's been a lot of speculation that Sony is due to announce an updated version of the PlayStation Portable - with some saying it will have internal memory and a better screen - but Sony has played down the claims as just "rumour John Koller, senior market manager for PSP, said he wanted to "clear the air" about the recent rumours. Speaking on the official PlayStation blog he said: "I'm thrilled to hear that there's so much interest in the platform, but sorry folks, these reports floating around fall into the rumours/speculation category."

Koller also tackled claims that mobile maker Ericsson was working on a phone version of the PSP. "We haven't announced anything about a new PSP, much less one that would have phone capabilities," he explained.