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Onward Mobility raises Rs.18 Crore in Series A Funding

ST Team
Wednesday, September 7, 2011
ST Team
Onward Mobility Solutions, a Mumbai based mobile application and distribution company, raises Rs. 18 crore in Series A from Indo US Venture Partners and Qualcomm Incorporated, an investment arm of Qualcomm Ventures. Consort Capital was the advisor for the deal. The fund will be used for expansion of product offerings, retail distribution reach and hiring. Vani Kohli from IndoUS Venture Partners and Rajiv Dadlani from Mumbai Angels have joined the company's board of directors. Karthee Madasamy from Qualcomm Ventures will reside as observer.

“The investment is a true endorsement of the company's product vision, distribution capability, execution talents, and the market potential,” says Arun Menon, CEO, Onward Mobility. The company sells and distributes its own and third party products through retail counters across India. Their products are present in eight states and are rapidly expanding. The company has already entered into strategic partnerships with many content publishers and plans to roll out its partner's products like games, entertainment, music, education and other content through their unique offline distribution channel in the coming months.

The investors mentioned that they believe Onward Mobility's innovative business model has the potential to impact the wireless value chain in addition to a distinct competitive advantage.

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