Mumbai Angels, a leading group of angel investors in India, has invested in Mobiquest, a Noida based mobile enterprise platform company. The company uses software-as-a-service model to provide mobile based enterprise business automation applications. The company claims that it has created more than 50 mobile applications across industries till now.
Anil Joshi, member, Mumbai Angels, confirmed the development to VCCircle. The angel investors has invested about $400,000 by way of preferential allotment, where monies will be disbursed based on milestone achievements. Joshi declined to confirm details of the invested amount.
Explaining the rationale behind the investment, Joshi of Mumbai Angels says that Mobiquest has developed value added services like M’App helping companies for last mile data capture which is a $400 million market and M’Loyal-the first mobile loyalty platform addressing $6 billion market.
The monies will be used for business development, expansion of team and infrastructure and product enhancement, added Joshi.
Mobiquest was founded by Vineet Narang, a professional in the technology domain with over 14 years of experience both in the offshore and domestic markets. Mobiquest works with customers to seamlessly enable their business processes on mobile. The platform creates applications that can run on a simple common phone.
All its offerings are essentially aimed at helping the business process automation. For example, MobiSales is a GPRS based solution for automating daily sales report, field force automation, sales/customer data capture, and so on. MobiKYC is a solution for automating the credit card / customer loan form filling & tracking process for banking operations. MobiJournalist is a solution enabling media & citizen journalism.
Mobiquest has mapped more than 600 processes across multiple industries.
Mobile as a space is a favourite for Mumbai Angels. Early this year, Mumbai Angels invested in Onward Mobility Solution Pvt Ltd, a mobile applications and solutions company in Mumbai. They also recently exited their investment in Inmobi, which gave one of the best returns for the angel investing group. The investments firm was also one of the seed investors in Hyderabad-based mobile TV company Apalya Technologies Pvt Ltd., which recently raised $3 million from IDG Ventures and Qualcomm Ventures.