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News >> Technology >>
OnMobile looking for expansion
By agencies
|
Tuesday, 11 July 2006, 19:30 IST
NEW DELHI: OnMoblie, a U.S. based integrated software and solutions provider
is in stages of advanced discussions to raise about $100 million to
fund its future expansion plans. CEO Arvind Rao announced that talks were
on with some U.S. based investors to raise about $30-100 million and the
process would be finalized in the next two months.
Terming India as an emerging telecom market, he added that the company,
which currently sees an annual revenue of $50 million, is focusing to cash
in on the escalating mobile industry in India, also the world's fastest
growing wireless market with the mobile industry is expected to touch the
five billion mark here.
Infosys, which funded OnMobile, currently holds a 14 per cent stake in the
software company that has other Indian funded ventures including Agro
Global Capital Partners.
OnMobile provide mobile-based commerce using technologies like SMS, WAP and
GPRS and have a varied list of Indian telecom customers like Hutch, Airtel,
Idea BSNL and Spice.