MobME gets angel investors’ funding, deter IPO plans for now

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Kochi: MobME Wireless Solutions, a Kochi based mobile and Internet company, has announced it has garnered over Rs. 16 crore through private angel investors to keep its growth plans on track.

MobME’s plan to raise Rs 25 crore through IPO was approved by the National Stock Exchange (NSE) in April last year, and the company was give a timeframe of one year to launch public issue of equity shares but the IPO plans were deferred.

“We have successfully raised funds worth more than Rs. 16 crore from private angel investors to keep growth plans on track. Agnus Capital and a few individual investors, including T S Anantharaman, Director, Catholic Syrian Bank and Vice-Chairman, Leo Pharma Group, invested around $3 million in the company last year,” said MobME CEO, Sanjay Vijayakumkar, in a release issued today.

“Technically, MobME can still go ahead with the IPO by filing the red herring. As shown in our Draft Red Herring, we had planned to use the funds to pilot our Digital Signature Business. As we have enough capital for the pilot, we will wait till the results are out to gauge the fund requirements for scaling up,” he added.

The company, set up in 2006, had been deploying the cash into the Mobile Digital Signature pilot and roped in some senior executives from banking and telecom sectors. “The Digital Identity Space is currently very hot globally, and it ranks among the six biggest trends in enterprise mobile strategy. It gives us tremendous opportunities to scale up our operations,” he added. “MobME has always bootstrapped, and it will raise funds when there is a real need for deployment like scaling up the pilot project to commercial stage. We expect this to happen within the next 6 to 9 months.”

MobME caters to top telecom clients such as Vodafone, Bharti Airtel and Aircel in its value-added services (VAS) and network solutions businesses. It has executed several projects in enterprise solutions and m-Governance (mobile governance) segments for State governments (Kerala, Nagaland and Goa) and is expanding to Banking Space with Innovative Mobile Banking Products like Fedbook, a Mobile Passbook for Federal Bank.

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2 Comments

  1. Pingback: MobME gets angel investors’ funding, deter IPO plans for now — IT ParkHeat

  2. Raising 16 Crores, its a huge achievement on its own. Its really wonderful to see MobMe achieved it. One the side i think when they do go for IPO they would try to raise a capital higher than 25 Crores.