Two Oxford university graduates have become millionaires after selling their fledgling internet company less than a year after its launch.

Cousins Kulveer and Harjeet Taggar, who started their business while still undergraduates, sold their online auction management company Auctomatic to a Canadian web firm Live Current Media for £2.5 million.

The deal, to be finalised next month, marks the end of months of hard slog by the cousins, who were so hard up when first going into business together that they ate nothing but noodles for six months.

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