To: Mohan Marette who wrote (290 ) 2/29/2000 9:38:00 PM From: Mohan Marette Read Replies (1) | Respond to
Right side of the law -- Lexsite.com to sell 20% to ICICI lexsite.com ICICI is all set to pick up a 20 per cent equity stake in India's first vortal for legal information Lexsite.com. Though company officials did not disclose the extent of ICICI's investments or the equity being offloaded, it is reliably learnt that ICICI's investment is to the tune of about Rs 6 crore. Lexsite.com had earlier raised seed capital to the tune of $ 0.75 million from Draper International who now hold 51 per cent of the company's equity. Promoted by Ananth Nayak and Vivek Hurry, a lawyer and a chartered accountant respectively, in March 1999, the site was formally launched in September 1999. Conceived primarily as a B2B vortal the company will gradually move to B2C operations as well, according to Nayak . The site caters to legal and tax professionals primarily and claims to stock information relevant to both. "We are creating a network for access to information relevant to legal and tax professionals whether it is to do with legal issues, taxes, forex, corporate law etc, they can come to the site and access information specific to their needs", says Nayak.
