VCCircle

Finally there is some fix on the OnMobile found raising. The mobile value added services solutions provider has raised $27.8 million (Rs 128 crore) from three investors - Deutsche Bank, Goldman Sachs and Polygon Investment Partners. This is the second round of funding for the Bangalore based company which is an offshoot of tech major Infosys Technologies. The deal is said to be done at a valuation of $250-300 million, although there is no independent confirmation of this.

OnMobile had raised $18 million in first round from Argo Global Capital and Infosys Technologies. Its founders including CEO Arvind Rao and employees own a 40-45 per cent stake in the company, while Infosys Technologies owns about 13-15 per cent. [Via Moneycontrol.com]

The Hindu adds: OnMobile is close to acquiring a domestic IT firm in the value-added services space. The deal is likely to be in the range of $10-25 million, and is expected to be finalised by the end of this year.

Earlier report:

OnMobile Raises $35 Million From Goldman, Others