I've seen tons of such companies come and go in India since 1998. Lots of venture funds have been active in India since then too, most have been burnt. Most of them don't understand the basic driving factors of the Indian Internet scene. Where 70% of all surfers just use email.

Throw a lot of money at a site, without offering a defined value proposition is dangerous. Why would I join a johnny come lately network when my same internet connection allows me to join myspace, facebook, linkedin, etc, etc, etc. where an existing crowd is present.

And if Indiacentric is the value proposition, why use a .com, complicated.

I'd agree that using a .com sets themselves up for failure. The number of Indians using MySpace probably out numbers all of these close.

Any ideas what these guys can do to improve? Whats it going to take to launch a really succesfull Indian site?