OnMobile Global, India’s largest value-added service (VAS) company has sold 8% of its 35% stake in VerSe Innovation for about Rs 10 crore (around $1.8 million), reports Medianama, quoting Arvind Rao, CEO, OnMobile.
Verse Innovation, a mobile classifieds service firm, last year raised Rs 20 crore from Matrix Partners.
OnMobile incubated the company in 2007, with a total investment of Rs 5.5 crore for 51% stake. The report, quoted Arvind Rao as saying during the company’s earnings conference call, “We are not a VC or a private equity investor. We have done our bit by incubating it. We have satisfied the operator with this new vertical, and it’s now our time to recover our capital and exit.”
On OnMobile’s acquisition of Dilithium Networks Inc, the company said, the deal would enable it to deploy the latter’s leadership technology in the rapidly expanding mobile video solutions space.
It will leverage OnMobile’s 2G and 2.5G VAS platforms embedded into the world’s leading telecom operators, and accelerate its launch of 3G VAS services, the report said, quoting from the call. The company has stepped up its investments in new businesses, mainly in LatAm and by way of Dilithium asset acquisition.