On Wednesday, IIT Bombay’s E-Cell launched a new social networking startup — LifeinLines — as part of its third Ideaz workshop. For the uninitiated, Ideaz is a Pan-IIT Business Idea Challenge. Lifeinlines calls itself a ‘lifestreaming’ startup and was founded last June by IIT Bombay alumni Ankur Gattani and Maninder Gulati. I spoke to Gattani a day after the launch and he says that LifeinLines offers a far more intimate interaction experience than a Facebook or Orkut. Incidentally, Rediff’s Ajit Balakrishnan is an informal advisor to the company and “We (Rediff and LifeinLines) are both interested in exploring a more formal relationship, but will wait for some time,” says Gattani. Remember the Vakow! deal? Anyway, LifeinLines is self-funded (seed money was Rs 1 lakh from Gattani’s mother) but is in the market to raise venture money.
I put together a panel of venture capitalists for an investors’ first take on LifeinLines and also on competitor Lifeblob. Their names are being kept confidential. However, you can read Norwest Venture Partners’ Niren Shah’s thoughts on ‘lifestreaming’ as a business model in the next post. But first, the panel’s review: