Infosys’ Mobile Offshoot OnMobile Plans To Raise $100 Million In Second Round

The Economic Times: OnMobile, a mobile software company incubated by Infosys Technologies, is looking to raise $100 million to enter the Indian mobile market. The company is in talks with a host of Silicon Valley investors for this. The valuation of the company is said to be $270 million. The company is believed to have an annual revenue of about $50 million. OnMobile’s solutions are basically geared to provide entertainment, mobile-based commerce using technologies like SMS, WAP, and GPRS.
Infosys, which holds 12 per cent stake in the company, is said to be interested in diluting the stake. The other investor is Argo Global Capital Partners. This will be the second round of fund raising for OnMobile.
Rafat: Did the ET journalist hear it wrong? $100 million? That is excessively high, to say the least..that kind of money is only being raised by MVNOs in U.S…well, actually only one example here in U.S., that fo Amp’d Mobile. Something’s wrong here…

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