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Coolavenues.com to put 20% equity on the block 

Priya Srinivasan  
Mumbai, March 21: Coolavenues.com, the placement and net entrepreneurship advisory site which went live last month is on the verge of concluding it's first round of venture funding.

The site hopes to source about $1.5 million to $2 million by offloading a "maximum of 20 per cent" of it's equity according to Lokendra Tomar, one of the founders of Coolavenues.

Tomar indicated that they were currently in talks with "a Hong Kong-based fund and an Indian fund" and the extent of equity offloaded will depend on the valuations the site garners. The site is currently owned entirely by Tomar and two other batchmates from IIM Calcutta. The trio had brought in the seed capital for the project.

Coolavenues is also in dialogue with a number of leading corporate houses to provide them with a platform for online placements.

"We have been talking to the topmost corporates in each sector and the response from them has been very good," says Tomar.

The list includes names like Hindustan Lever, ICICI, Citibank, HDFC and McKinsey and Co. Coolavenues will offer services which include profiling corporates (for a fee) on the site and also talk about their personnel requirements thereby initiating the placements process on line.

"The PPT (Pre-Placement Talk) which generally precedes placements on campus can be initiated online now," explains Tomar.

Tomar also indicated that the site is in the process of tying up a deal with one of the country's largest corporate entities to handle the recruitment for it's latest project.

While the site will charge a commission on each recruitment, an additional source of revenue is through Coolavenues' plans to develop an advisory for Net entrepreneurs. Besides a step-by-step guide for aspiring Net entrepreneurs, the site will help them get in touch with the service providers they need. Once the appropriate "channel partners" have been located by Coolavenues, the site will charge the channel partners for the service. "A good part of the funds we raise now will go into developing this segment," reveals Tomar.

Tomar also plans to deploy the funds in content development, direct marketing activities and advertising. The company targets revenues to the tune of Rs 1 crore in its first year of operation.

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