Online entrepreneurs in India are seeking venture capital funding to create social networking websites that mimic successful US sites like YouTube, according to local newspaper reports.
Spurred on by the high prices paid by Google for YouTube ($1.6bn) and News Corporation for MySpace ($580m), Indian companies are seeking big returns by creating similar traction in this fast-growing market.
The site is currently encouraging students to create and upload videos through an Inter-College Video contest with a main prize of 10,000 rupees (£120).
Indian financial newspaper Business Standard reported today that MeeraVideo is currently in talks aimed at securing $1.5m in venture capital backing.
An article in India Times Infotech said that around six other start-ups are looking to join the ranks of existing sites such as Yo4ya.com, humsubka.com, zhoom.in, meeravideo.com, yaari.com and fropper.com to roll out social networking channels in India.
But venture capitalists are not so easily convinced, according to B usiness Standard, which quoted one investment fund manager as having serious doubts.
"The Indian psyche is different," he said. "Hence there is no viral effect and these sites are difficult to monetise in India."
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