Coinjoos.com (earlier called FlipGraph) has been acquired by the HomeShop18 (part of the Network18 group). Coinjoos is an eCommerce portal that sells books and movie/music DVDs. Coinjoos also buys books from users and offers them loyalty points (coins) in return. These coins can used to purchase used or new books on the site.
CoinJoos.com was a property of OnGraph Technologies (parent company) and only CoinJoos.com has been acquired. Other initiatives remain part of OnGraph and with OnGraph
Around 15 people team would move (technology + operations).
Product strategy – CoinJoos technology, catalog and built-in operational/support processes around product discovery, fulfillment, predictability and customer support are intended to power the new books vertical of HomeShop18 to start with, and take further the value proposition of HomeShop18 platform to new heights, for its ever-increasing customer base.
CoinJoos.com would get merged ultimately, the how-and-when’s would be clear in next few days.
OnGraph Technologies is in a separate main-line business of software development outsourcing services, and coinjoos.com was one of its assets which got acquired. There are 100 or so people who work in OnGraph and have an established line of management. It is only CoinJoos.com team which is moving as part of acquisition.
[Naman is a startup enthusiast and has worked with couple of Indian startups as Product Manager. He writes at The Inspire Blog]