Mr Singhal also conceded that the company has told its Indian employees to "explore other options since the potential partners are less inclined towards the site's Indian operations". Mr Singhal was, however, unwilling to comment on the fate of the company's overseas operations for the moment. He indicated that the companies interested in acquiring Chaitime were in the B2C space and were interested in a marketing presence in markets like the US. Sources say that Chaitime has been in negotiations with horizontal portals like India.com. When contacted, however, Mr Digvijay Singh of India.com was unwilling to comment. When questioned on the reasons for the decision to part with controlling stake in the company, Mr Singhal said that it was less a matter of loss of faith in the business and more a matter of the scalability of the business at this point.

"The business needs scale that a strategic partner can provide at this point and since the interested parties would like a controlling stake, the promoters have decided to offload a controlling stake to the partner" comments Mr Singhal. Mr Singhal said that the price for the sale was currently being negotiated with a couple of parties.