Ojas Venture Partners invests in Tyfone
Bangalore: Bangalore based technology focused early stage venture capital firm Ojas Venture Partners, backed by Raghavan S Nadathur, the co-founder and former JMD of Infosys, has made a VC investment in mobile payment / banking company Tyfone. The details of the investment including the size of the transaction remain undisclosed. Tyfone, which has a global corporate Head Quarters at Oregon in the U.S. and has a Bangalore based Asian Head Quarters, will use the funds to scale its three areas of business - mobile banking, mobile payments including contactless payments and retail merchant relationship services in the U.S. and international markets. Rajesh Srivathsa, managing partner of Ojas Venture Partners, said in a release, "Tyfone has developed an innovative technology to enable existing mobile phones to be used for 'wave-and-pay' contactless payments, facilitating retail financial services. I see this as a competitive advantage in mobile payments." Commenting on the issue, Tom Spitzer, CEO, Tyfone, said, "This vote of confidence and financial endorsement from Ojas Venture Partners is a testament to Tyfone?s ability to be a dominant player in this market and strengthens our global momentum."