Singapore based trading and investments firm Cowman Pacific Pte Ltd has acquired a five per cent stake in Allindia.com Ltd, the Calcutta based Internet and web constancy firm for a consideration of Rs 3 crore. The company has been valued at around Rs 60 crore by Ernst & Young last month.

Kawamin Pacific is a trader in nonferrous metals with global turnover of $25 million. This is the firm’s first investment in information technology and there will be further investments.

Speaking to reporters at a press conference Allindia.com’s founder and director Arvind Agarwalla said: "The company has recorded a turnover of Rs 1 crore in the financial year 1999-2000 and has broken even with a small surplus."

For the current year the company is targeting at a turnover of Rs 7-8 crore with a profit of Rs 1 crore, Agarwalla said.

Allindia.com is also talking to a few other foreign companies for further dilutions of its stake. Agarwalla said talks are on with an Internet infrastructure and services company for a possible strategic partnership with Allindia.com

There are talks about an initial public offering too, however, Agarwalla refused to comment on the matter or a possible date for an IPO. The company had been incorporated four years back.

Allindia.com’s Internet community batchmates.com boasts of an online membership of 2.2 lakh and is planing to offer various services to the members in tieups with brick and mortar companies. It will also sell some products and conduct lucky draws from the website as soon the relevant laws are in place.

According to Agarwalla, the company’s revenue flow from the web consultancy business is likely to touch Rs 4 crore in the current year. He said, "It is very important to have a revenue flow other than advertisements. That way we have already broken even which is a good thing."