One97 mops up $ 25 m for acquisitions
Rohit Mathur - Televisionpoint.com | Mumbai
One97 Communications, a provider of value added services (VAS) for mobile phones is raising $ 25 million in its third round of funding.
"The current round of funding will be part of the $ 50 million we are setting aside for acquisitions. The other half will come from internal accruals. We have raised $ 10 million in two tranches from SAIF Partners and Silicon Valley Bank last year." says Vijay Shekhar Sharma, managing director, One97 Communications.
The company has acquired majority stake in two early stage product companies - Oorja Mobile Services, which is into mobile advertising and Oc2pus. It had acquired Delhi-based SMS and mobile data service company Positive Comsol in November 2006.
One97 Communications, a provider of value added services (VAS) for mobile phones is raising $ 25 million in its third round of funding.
"The current round of funding will be part of the $ 50 million we are setting aside for acquisitions. The other half will come from internal accruals. We have raised $ 10 million in two tranches from SAIF Partners and Silicon Valley Bank last year." says Vijay Shekhar Sharma, managing director, One97 Communications.
The company has acquired majority stake in two early stage product companies - Oorja Mobile Services, which is into mobile advertising and Oc2pus. It had acquired Delhi-based SMS and mobile data service company Positive Comsol in November 2006.
|
Copyright 2005 - 2009 Televisionpoint.com. All rights reserved. A Bhash Media Private Limited Company.
This site is best viewed in Internet Explorer 6.0 or higher versions, at a resolution of 1024 x 768 pixels.