Mr. Bhatia, who famously sold Hotmail to Microsoft Corp., had a 70% stake in Arzoo.com and Japan's Softbank the remainder.
Commenting on the company's demise, Mr. Bhatia said, "Even though our blue-chip beta customers had liked our service, they have postponed their purchasing decision to either later this year or sometime next year. A small company like ours cannot survive on promises of future purchase." -- From our Bombay correspondent
Copyright June 2001, Crain Communications Inc.