|

OnMobile Sells Part Stake In Verse Innovation: Report

27 October, 2010

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.


Leave Your Comment
OnMobile Sells 9.16% Stake In Ver Se; Records Net Profit Of Rs 89.2Cr

OnMobile Sells 9.16% Stake In Ver Se; Records Net Profit Of Rs 89.2Cr

Preethi J. 7 years ago
Bangalore-based VAS company OnMobile has recorded a year-on-year net profit of...
Matrix Partners Puts Rs 20Cr In Another Classifieds Co

Matrix Partners Puts Rs 20Cr In Another Classifieds Co

Shrija Agrawal 8 years ago
Matrix Partners continues to be bullish on the classifieds space. After Asklaila...
OnMobile Global appoints Rajiv Pancholy as its CEO

OnMobile Global appoints Rajiv Pancholy as its CEO

Anand Rai 4 years ago
India’s top mobile value added service (VAS) company OnMobile Global Ltd has...
No Comments

OnMobile Sells Part Stake In Verse Innovation: Report

Powered by WordPress.com VIP