Helion Venture Partners that recently debuted its $140 million India fund has made its first investment: $2.2 million in JiGrahak Mobility Solutions, reports Business Standard.
NG Pay, the Bangalore-based startup’s product, is a downloadable mobile application that allows users to make payments and buy things using their mobile phones. “Ji Grahak” is Hindi for “Yes, customer.” Helion Venture’s partners Ashish Gupta and Kanwaljit Singh will join the JiGrahak board.
India’s mobile value added services space is getting more and more attention from venture capital as the number of mobile subscribers in India is rising rapidly. The country has 111.23 million mobile subscribers as of the end of July, according to figures released today by the Telecom Regulatory Authority of India. (PDF release.)
Last month, Kleiner Perkins, Caulfield & Byers and Sherpalo Ventures invested around $5 million in PayMate, a mobile payment company. In February Sequoia Capital India and Intel Capital invested $10 million in Mauj Telecom, which provides mobile value-added services like games and ring tones.
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