Or so Watblog is reporting: Instablogs, the blog network based in New Delhi, has received funding from Vishal Gondal, the founder and CEO of Indiagames. The story says the funding is in $500-800k range (approximately Rs 2-3.5 crores) at a valuation of $7 million (about Rs 30 crores). There were rumors to this effect earlier, and we posted about a possible $3 million raise earlier.

The service is a mix of a blog platform for anyone to use, AND a citizen journalism site a la NowPublic.

• Instablogs Negotiating $3 Million Round Of Funding: Report