One97 Communications Ltd, the Noida-based mobile value added services firm which recently filed draft red herring prospectus (DRHP) with the SEBI for the initial public offer (IPO), has brought in industry veterans like Deep Kalra, Kunal Bajaj, PN Vijay and Rajesh Ghonasgi as independent directors on its board.
The venture capital-backed company, founded by first generation entrepreneur Vijay Shekhar Sharma, already has Rajiv Madhok and Vibhor Mehra, Principal, SAIF Partners, which is the biggest institutional shareholder in the company, as directors.
Kalra, founder and CEO of travel site MakeMyTrip.com, joined One97 in January 2010, while Bajaj, a mobile VAS expert and a partner and director for global strategic consultancy firm Analysys Mason in India, joined the firm in April this year. Vijay, a leading financial consultant and former member of Prime Minister’s Economic Advisory Council, and Ghonasgi, CFO of Persistent Systems Ltd, joined in May, added the statement.
“Each of the independent directors brings unique value and business acumen to the One97 board. All of them are well-respected professionals, who have been synonymous with excellence in their respective fields. I am proud that such credible professionals are strategic drivers of One97’s future,” Sharma said in a statement.
One97 is planning to raise Rs 120 crore through a public float to purchase telecom equipment and software for installation at its office as well as various client sites. It earlier raised venture funding from a clutch of investors which include SAIF Partners, Intel Capital and Silicon Valley Bank (SVB).
SAIF Partners holds 41% in the company and is just marginally short of promoters holding of 43%. Intel Capital does not own any equity shares as of now but after conversion of preference shares would hold 9.7% before IPO. SVB is hiking stake from 2.7% to 3.5% ahead of the IPO through the convertible preference shares route, according to a recentreport in VCCircle.
The company also invests and incubates new mobile technologies startups.