Vriti Infocom, the India-based online education company backed by corporate venturing unit Intel Capital, spun off two of its websites last month and is currently looking for buyers.
The two websites in question are mobile tariff comparison site ConnectIndia.in and online travel community IndiaHotelReview.com (IHR), which is currently run by Vriti subsidiary IHR Destinations.
Ankit Rastogi, business head of IHR Destinations, told Indian venture capital news site VC Circle that Vriti is planning to sell IHR in the next three months, for $5m. Rastogi was quoted as saying: "Vriti has decided to disinvest in non-core verticals and is aggressively looking for options to exit the two websites."
Intel Capital and Jafco were the investors in Vriti’s 2010 $5m series B round, which followed a 2008 series A round in which Intel Capital was the sole backer, investing $2.5m according to TechCrunch.
IHR was launched in 2006 and made revenues of Rs2.5 crores ($480,000) in 2011. As a hotel booking site which also acts as a travel-based online community, IHR could potentially be a target for local travel companies without a significant online presence as well as international firms which are yet to make the leap to India.