Bangalore-based InstaColl launched an application called Live Documents, which is a hybrid online-offline office suite of applications with features similar to Microsoft Word, Excel and PowerPoint.
Instacoll is doing a controlled release, but within the next 2 to 3 weeks will make it available to everyone across the globe. Individual users can access this for free, till the company decides on the pricing. However, the enterprise version will be charged.
Besides the online tool, there is the Live Documents Plug-in, which is an optional client that you can download - the client converts Microsoft Office into a smart client that is web-enabled and provides collaborative capabilities within the context of familiar desktop applications. The desktop client also facilitates offline access to your documents - any changes that you make to a Live Document in offline mode is cached locally and automatically synchronized to the server the next time you go online.
Check out the site here.