Ojas Ventures, the $35-million early stage venture fund floated by N S Raghavan, the co-founder and former joint managing director of Infosys, has made its first exit from its investment in Bangalore-based Mango Technologies Pvt Ltd.
The exit for Ojas follows Mango Technologies’ move to sell few of its products to Qualcomm Incorporated, the world’s largest wireless semiconductor company. As part of this transaction, Qualcomm received mobile handset user interface (UI) software and a PC-based UI customization toolkit from Mango. The value of the deal was not disclosed. The deal with Qualcomm has offered an exit window for both Ojas, which is the first institutional investor, and other angel investors in Mango.
According to a source close to the development, Ojas, whose investments in Mango were at an angel stage in the sub-$500,000 range, may be walking home with IRR in the region of 70%. The venture fund has managed an exit in less than two years compared to the average sitting period of at least three to five years.
Following the deal with Qualcomm, Mango Technologies will continue to provide solutions to OEMs and telecom firms on mobile device and server platforms. Mango will introduce connected 3G devices to revolutionise agriculture, healthcare and long-distance education in emerging markets, said a company statement.
Mango was started by first generation technology entrepreneurs Sunil Maheshwari and Lekh Joshi and was incubated initially at NSRCEL at IIM Bangalore. Mango has developed an application framework for low and mid end mobile phones. Mango secured several prestigious awards, including the NASSCOM Innovation Award for most innovative startup company in 2008.