Facebook to Launch Online Shopping Festival

This Raksha Bandhan, Facebook is going to be launching an online shopping festival named Tied Together. In the initiative, the company has tied up with media agency GroupM and will be setting up a website between August 12 and August 29.
Last October, Google held a shopping festival in association with GroupM and Amazon called the Grand Diwali Mela. A year before that, Google launched the Great Online Shopping Festival.
Media agencies said Facebook's pitch note said brands can "unlock the power of social media that can reach 10 crore potential customers through this event." Facebook's role will be to use its subscriber base and social networking platform to drive traffic to the shopping site.
Participating companies will have to pay a fee that will be shared by Facebook, GroupM and other media agencies.

Facebook is looking for a title sponsor at an asking rate of Rs 3 crore along with a principal sponsor at a similar rate besides associate sponsors for Rs 1.5 crore each. The social networking giant has 11.2 crore users in India.
                                                                                                                                                              ..... Devashree Goenka