US firm seeks to raise $9 mn for expansion

US firm seeks to raise $9 mn for expansion
PTI
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First Published: Wed, Mar 28 2007. 12 41 AM IST
Updated: Wed, Mar 28 2007. 12 41 AM IST
New Delhi: US-based mobile value added services provider Mobio Networks is looking at raising about $9 million (Rs38.7 crore) from venture capitalists in its second round of funding, including from Indian investors, this year.
“We have raised over $9 million in the first phase funded by US venture capitalists, after the foray into India market recently, we are also open to Indian investors for raising similar amount of capital in the second phase by 2007 end,” Mobio Networks India business head R. Vidyanan said.
Mobio is eyeing India as a potential market where the company has launched its live cricket and cricket gaming service through its tie-up with portal Indiatimes.
He said the company plans to introduce a dozen of value added services for mobile phones such as movies application, travel, news, astrology,financial services in next one year.
For the cricket live service, Mobio has tied up with Indiatimes and for other services it is in the process of identifying partners .
“The names have not been finalised but we could continue with Indiatimes for the services which they can provide and look for others depending on the kind of service,” he said.
Through Indiatimes, he said, Mobio has been able to reach nine operators and 68% of the mobile users. Mobio, which creates mobile content and applications earns its revenues through partner-centric revenue share model and subscription-based model.
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First Published: Wed, Mar 28 2007. 12 41 AM IST
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