Sign of things to come


techTribe Says Referral Job Site Not Working Out, Looking For A Buyer

techTribe, backed by Canaan Partners, is now exploring options like finding a strategic partner or a buyer.

The business model for online recruitment based on referrals is not “working out”, techTribe CEO and Founder Rohit Agarwal admitted in an interview to VCCircle. The company is now exploring options like a strategic partner or a buyer.

San Francisco and New Delhi-based techTribe was founded by serial entrepreneur Rohit Agarwal, in 2006. Before starting techTribes, Agarwal was co-founder and VP of marketing and business development at Webify Solutions, which got acquired by IBM in July 2006.

The company hoped to make money by becoming a referral job portal. It had received an undisclosed amount of funding from Canaan Partners, US-based Miven Venture Partners and The Entrepreneur Funds in 2007.

“The model for referral recruitment as we had planned is not working out,” said Agarwal.

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Will we be looking at the second bubble burst now? I am skeptical on the online players who entered the market in the past couple of years, on VC funding exclusively. It would be especially worrying times for players who are focusing on Social Media/Networking sites, wherein they do not have a proper revenue model, nor the critical mass of users..

- Santosh

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