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Indian mobile retail chain MobileNXT Tele-services has received its second round of funding from the media house Television Eighteen group. Financial details are undisclosed. According to Business Standard, MobileNXT has diluted 35 per cent stake to TV18, which is coming in as a strategic-cum-financial investor. Avendus Advisors was the sole advisor to MobileNXT for the transaction.
BS further adds that the company had earlier received $2 million in the first round from Avendus Advisors and Dan Sandhu, chairman of Vertex India and a member of Indian Angel Network in Delhi (formerly Band Of Angels). However, this was not mentioned in a release issued by Avendus.
MobileNXT plans to use the funds to roll out 100 stores in multiple formats especially in Tier II, Tier III cities over the next one year. Over the next three years, it plans to have 500 stores on the ground. MobileNXT is founded by Vijay Menon (CEO) and Romy Juneja (COO).