ICICI Ventures has invested $1.5 million in EasyBuyMusic, an online music retail venture that formally launched its operations across the country today. EasyBuyMusic is incubated by Arthur Andersen's e-business incubation advisory services. They also received angel funding from Passionfund in February 2000.Mr Chris George, eCEO EasyBuyMusic said "we are not a dotcom but an e-commerce company. E-commerce does'nt necessarily mean shopping on the Internet, it also means leveraging the Internet and its possibilities to enhance the customer's shopping experience. What we have done is use the Internet to deliver the products. It is but a small medium in our business."
The company offers the music through multiple channels. Online - through easybuymusic.com, a toll free telephone service backed by call centers, wireless services through their present tie-up with BPL mobile, broadband which is being provided by Hathway cable, and through Internet kiosks.
EasyBuyMusic has tied up with Listen.com as part of their strategy to offer licensed music over the Internet.
Their revenues will basically come from being part of the music retail chain.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.