IMImobiles gets $10 Million from Pequot Ventures

By siliconindia Bangalore Bureau   |   Monday, 10 July 2006, 19:30 IST
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NEW YORK: IMImobiles has received $10 million funding from Pequot Ventures, a technology venture capital firm. IMImobile, an India-based developer of wireless data and voice technology platforms and content aggregation services for mobile operators. IMImobile will use the new proceeds to further consolidate its leading position in India, as well as fund additional support and expansion for its global customer base. With voice tariffs declining globally, wireless data is increasingly being relied upon to maintain and increase ARPUs. The wireless market in India is the fastest growing in the world, and has hit an inflection point in terms of subscriber growth. IMImobiles position as the leading end-to-end provider of technology platforms and content delivery services within India and to operators globally make it a very attractive investment opportunity said Amish Jani of Pequot Ventures. IMImobile has a unique value proposition as a mobile Value Added Services (VAS) operator by offering technology and aggregated content on a managed service basis to its customers. We see this model as a preferred option for operators in rapidly growing emerging markets. Jay Patel, Executive Director of NewMedia SPARK and Director of IMImobile, stated, “As an early investor in IMImobile, we are very pleased that our initial faith has been satisfied with the tremendous growth and success the Company has achieved. The new funds will help develop a world-class business serving operators and media companies globally from a highly talented team in India. Pequot Ventures brings great expertise in helping high growth companies succeed, and we look forward to working with them.