YouSnapper may raise funds from capital market

YouSnapper may raise funds from capital market
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First Published: Sun, May 25 2008. 01 48 PM IST
Updated: Sun, May 25 2008. 01 48 PM IST
PTI
Mumbai : Wireless broadband service provider YouSnapper, a joint venture between You Telecom and Malaysia-based RedSnapper, today said it may look at the capital market to raise funds for its expansion plan.
“We have kept all options open to raise funds. We may use the Indian capital market to raise funds,” RedSnapper CEO Braham Singh told PTI.
YouSnapper plans to roll out wireless broadband services in 10 cities in the next two years at a cost of Rs80 crore.
You Telecom is a part of Citigroup company and the Malaysian government holds 40 per cent in RedSnapper. You Telecom is an internet service provider present in 12 cities in the country.
RedSnapper is a wireless broadband service provider in Malaysia. It has connected many parts of western Malaysia with wireless broadband.
“Now, we want to replicate what we did in Malaysia in India,” Singh said.
YouSnapper has successfully completed a pilot project on wireless broadband in three parts of Mumbai. Now it wants to replicate it in 10 cities where You Telecom has presence.
“We would be rolling out broadband services on the back of You Telecom’s infrastructure,” he said.
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First Published: Sun, May 25 2008. 01 48 PM IST