Mumbai, May 2: Chrysalis Capital is injecting over Rs 10 crore in Cheecoo Networks, India's first free Internet access provider, to take an undisclosed equity stake. The promoters of Cheecoo are also looking at strategic investors to further raise funds.Cheecoo co-founder Vikram Wagh said the company had already received about 55,000 registrations within the first of month of its launch. The company has also entered into alliances with leading ISPs and Internet sites.
Besides free Internet access, the site offers news and information and other value-added services. Additional features to be added shortly are e-mail notification, a search notification button and a stock ticker. It will also offer Cheecoo seeds, a rewards programme that allows users to redeem their credits at various alliance partners.
Cheecoo provides free Internet access through its proprietary communication device - the Cheecoobar, which resides at the bottom of the user's computer screen while the user is online. The Cheecoobar can be downloaded from the company's Website. Once a user downloads the Cheecoobar, it automatically appears every time the user is online. For all the time that the Cheecoobar is active on the screen while the user is online, the customer gets credited for free Internet access through the ISP of his/her choice.
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