|
NEW YORK: Pequot Ventures, a technology venture capital firm, has announced that it has invested $10 million in IMImobile, an India-based developer of wireless data and voice technology platforms and content aggregation services for mobile operators.
IMImobile will use the new proceeds to further consolidate its leading position in India, as well as fund additional support and expansion for its global customer base.
Amish Jani, senior vice president of Pequot Ventures, has joined the IMImobile Board of Directors.
“IMImobile's position as end to end provider of technology platforms and content delivery services within India and to operators globally make it a very attractive investment opportunity. IMImobile has a unique value proposition as a mobile Value Added Services (VAS) operator by offering technology and aggregated content on a managed service basis to its customers. We see this model as a preferred option for operators in rapidly growing emerging markets,” Jani said.
AR Vishwanath Reddy, CEO and founder of IMImobile, said, “The new funds will provide additional support to our domestic and international expansion plans and help take the Company to the next level. Pequot Ventures' strong wireless background and relationships in India and globally will help us achieve our ambitious growth plans.”
With the Indian market alone expecting to grow from 90 million subscribers to over 300 million in the next few years, operators are interested in providers who can uniquely package technology capabilities with content skillsets and offer them on a turnkey basis. IMImobile has spent the last five years building a world class content management and delivery platform that has been fire-tested in live deployments globally. The Company has secured over 40 customers worldwide, including India's leading operators such as Airtel, Reliance, BSNL, Aircel, Hutch and Idea, as well as media players such as Yahoo and Star TV. In addition, the company has deployed its platforms across Europe, Latin America, Africa, Middle East and Asia.
Jani added, “India's state of the art wireless networks offer a prime backdrop for developing world class technology platforms. IMImobile will be able to leverage the large domestic VAS markets to become a significant international player in the mobile data space.”
|