Helion Venture Debuts With $2.2 Million Investment In Mobile Payment Firm JiGrahak

Here is another venture investment in the mobile commerce and payment space. Helion Venture Partners, the recently launched India-focused technology venture fund, has invested $2.2 million in JiGrahak Mobility Solutions, a Bangalore-based mobile commerce and payment company. Helion had recently launched a $140-million fund to invest in Indian startups. Ashish Gupta and Kanwaljit Singh, partners of Helion Ventures, would join the board of JiGrahak.
JiGrahak (stands for YES Customer) was founded in August 2003 by a team of professionals formerly working with Lucent Technologies. It has a product called NGPay which you can download on to your mobile phone and use it for making m-payments and transactions. SifyMall already uses NGPay for enabling m-commerce on the site.
Last month, a Mumbai-based mobile payment startup PayMate, floated by the founders of Coruscant Tec, had received $5 million-plus from Kleiner Perkins, Caufield & Byers and Sherpalo Ventures.

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