Mumbai Angels, a leading group of angel investors in India, has invested in Onward Mobility Solution Pvt Ltd, a mobile applications and solutions company in Mumbai.
While the specifics of the deal could not be ascertained, Mumbai Angels said it was the largest investment so far. VCCircle has learnt that the investment is over Rs 2 crore. Vikas Choudhuri and Vivek Nathwani have joined the board of Onward Mobility from Mumbai Angels, while Rajiv Dadlani will be a board observer.
The company plans to utilise the fund to expand their product offering and to launch more innovative mobile products in both the consumer and enterprise segment. “We plan to invest in developing more innovative products, as well as expanding our presence across the country,” Arun Menon, CEO, Onward Mobility, told VCCircle. He states that apart from financial support, Mumbai Angels will also offer strategic guidance and the company will benefit from a vast network of contacts and experience of the group.
Onward Mobility currently sells its products through online as well as retail outlets, unlike other players in the same space who sell their products through online only. It currently has presence over 3,500 retail outlets in India in 14 states and targets to cover all the states in India in the next few months. The company is also eying profit zone by the end of this year. “We expect profitability in the next 6-8 months,” added Menon.
According to the Mumbai Angels statement, the overall market for enterprise mobility software and applications in Asia-Pacific is expected to grow at a CAGR of 34% from 2008 to 2012. With more competition and increasing penetration, mobile applications market in India was expected to grow further. The statement also cited a report by Juniper Research, which expects the market to reach $25 billion by 2013.
Mumbai Angels has made over 20 investments in the last 3 years. Some of its investee companies include InMobi (previously mKhoj), Apalya Technologies, Speakwell, Myntra and Reverse Logistics Company.