We missed out on this one last month, so just for the record: Hotmail founder Sabeer Bhatia is entering the online networking space with ApnaCircle.com, reports Business Standard. Well it’s yet another networking site in an already overcrowded space. As of now there’s really no real competition for Orkut and Facebook in India (Reliance and bigadda might disagree), though there are people with profiles in multiple social nets. Hence there’s opportunity for a sellout if there are buyers. Unlike email (Hotmail), though, social nets lack that sense of permanence. Bhatia already has a travel portal (Arzoo.com) which is looking to expand to US, West Asia and Australia, and has tied up with 1500 hotels in India. He’s founded ApnaCircle with Yogesh Bansal.