Fund4idea currently has about 45 funders registered on the site. About 80 per cent of these are institutions while the remaining are angels and individual investors according to Mr Chandrasekar. The investors include names like GE Capital, Warburg Pincus, Galen Associates, New York Partners, CDC and IL&FS. The company has also approached corporates like Intel, Compaq and Nortel Networks to register on the site according to Mr Chandrasekar.The site has about 1,000 entrepreneurs registered and Mr Chandrasekar says the strike rate is likely to be about 1 per cent. "That's where our expertise comes in, we have to be able to weed out proposals and present only the best ones to investors", he says .

He adds that the team is currently processing about 12 proposals. The company's focus currently is on IT and biotech companies and Mr Chandrasekhar says that the team currently employs various ways of communicating during a transaction. "Currently the participants are not too comfortable processing deals entirely online and we use various modes of communication to ensure that comfort levels are maximum".

Commenting on the advantages that ICICI Ventures brings to the table, Mr Chandrasekar said that the company's "brand power" would go a long way in helping gain the trust of parties who approach Fund4idea as well as in recruiting talent for the company.

Mr Chandrasekar adds that to gain the trust of investee companies as well as investors, ICICI Ventures does not have a first right of refusal when it comes to investment proposals. Moreover, the entrepreneur is required to reveal only about 25 per cent of his business plan online, he says.