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Chandigarh: Chandigarh-based Altruist Group (mobile value added services provider), has taken a minority stake in Vegam Solutions, a Mumbai-based VAS start-up focused on voice based gaming and retailing of VAS. The amount of the deal is still undisclosed. The investment is in the form of seed capital and aims towards the expansion into the VAS space.
Vegam Solutions was started by Ingersol Jayakumar, who was the National Business Head for VAS at Tate Teleservices Limited (Tata Indicom), with a vision to become a leading VAS provider. According to him, mobile VAS is a dynamic industry and the fund raised will be used to get more entrepreneurs into the fold to keep the pace of innovation. The fund will also be used for its tech centerm set up in Bangalore. They have already tied up with Tata Teleservices for GSM and CDMA for the voice games business. He said that the company has prepared 10-15 games for launch, which are Car racing on voice, where they can create an ambience of the stadium, card games (Teenpatti), snakes and ladders, Book Cricket and cricket game.
Altruist India founder Dheeraj Aggarwal said that they are helping Vegam with the technology fees and the IVR backbone. The company will develop its product and deploy the same through their infrastructure.
Vegam is working towards launching a retail initiative to sell VAS and all telecom services, across all telecom operators in a single interface. Vegam will work on a revenue share model with telecom operators. The company believes that they can get a maximum of 20-25 percent revenue share from the operator, while with physical retail; the share will be 15-40 percent. They currently have no plans to hope further besides telecom operator network, as this would require credit cards.
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