Obopay India To Close $10 Million In Funding

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The Indian arm of Obopay, a mobile payment company, is raising $10 million in funding, of which $5 million is from UK based private equity fund Promethean Investments. Promethean already has investments in Obopay US, which had raised $29 million recently in a third round of funding led by Richmond Global Cellular, Alliance Bernstein LP, Citi, Societe Generale, Qualcomm, Redpoint Ventures, among others.

Obopay India is yet to launch commercial services; the company had set up operations earlier this year, and has an office in Mumbai. Others in this space include Paymate ($5 million funding from KPCB and Sherpalo Ventures), MChek (undisclosed funding from Draper Fisher Jurvetson and Rajesh Jain) and JiGrahak ($2.2 million from Helion Venture Partners)

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