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Onward Mobility Raises 
18 Crore in Series A Funding
By siliconindia
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. Earlier in 2010, they raised $1 million in the seed round of funding from Mumbai Angels. 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.
Arun Menon, CEO, Onward Mobility, said that the investment is a true endorsement of the company's product vision, distribution capability, execution talents, and the market potential.
The company sells and distributes its own and third party products through retail counters across India. There products are present in eight states and are rapidly expanding. It 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.
Karthee Madasamy, senior director of India Investments for Qualcomm Ventures said that they have made a strategic investment in Onward Mobility with an objective to support the growth of 3G applications and services ecosystem. They believe that Onward Mobility's innovative business model has the potential to impact the wireless value chain in addition to a distinct competitive advantage.
