One97 Raises Rs. 45 crore in Series C Funding
Date: Tuesday , November 01, 2011
New Delhi-based mobile internet services company, One97 Communications raises Rs. 45 crore in series C of funding from SAP Ventures, the investment arm of SAP AG. In the past, One97 Communications had raised funds from Intel Capital in 2009, and SAIF Partners and Silicon Valley Bank in 2007. The VAS provider plans to use the funds to expand its reach in the developing markets like Asia, Africa, and others; add more people to its talent pool, and further its research and development.
One97 Communications, founded in 2000, is a pioneer in mobile internet services and has a wide deployment of telecom application cloud platforms. It also invests in early-stage mobile companies out of its One97 Mobility Fund (OMF). According to Jai Das, Managing Director, SAP Ventures, the Company is on an expansion mode in developing countries where mobile phones are used to access the Internet, play games, buy content, and shop online.
SAP Ventures, the investment arm of SAP AG, has a strategy to invest in growth stage information technology businesses that serve enterprises as customers or have enterprises as go-to market partners. They are also interested in companies which serve consumers in their professional lives.