Canada's internet conglomerate Valnet acquires online luxury magazine BornRich

Shimla-based online luxury magazine BornRich has been acquired by Canada's internet conglomerate Valnet Inc. for an undisclosed amount, according to a company statement.

"It's a 70 per cent cash deal and the BornRich team will continue to work. However, I have decided to leave the portal," founder Nandini Rathi told Techcircle.in. The BornRich team includes eight people (excluding Rathi) – five people for content, one for sales and two for technology.

"I am incredibly excited to announce this sale to Valnet. It is an established internet company with an array of properties in the luxury media market," said Rathi in the statement. She also claimed that BornRich has around 2.5 million readers and 60 per cent of them are from the US.

The portal was set up in January, 2006 by Rathi who had previously co-founded an editorial project management software called Betaout and Times Internet-backed Instamedia, a content network which was sold off  in February to a Dubai-based media group.

"This website is a great source for current and informative news pertaining to luxury markets. We are very excited about the potential synergies it will bring to our existing properties in this field," said Hassan Youssef, president of Valnet.

(Edited by Sanghamitra Mandal)