One97 communications, the provider of India’s largest deployed telecom application platform is reportedly planning to go for an IPO in 2010, One97 will use these additional funds for its exapansion plans both in India and abroad. This is the second vas player after Onmobile which will look to be a listed entity in India.
One97 has earlier raised around $28 million in funding from SAIF partners, Intel capital and Silicon Valley Bank since 2007,”We plan to give our stakeholders the right amount of return on investment and liquidity at the right time. We may look at raising up to $100 million” said Vijay shekhar sharma, MD One97 communications as quoted on Vccircle.
One97 has been a leading VAS provider in India with a range of products and services catering to consumer and corporate clients, it’s corporate clientele includes Bharti Airtel, Idea Cellular, Vodafone, Tata Indicom, among otherrs. Planning to expand its workforce from 750 to 1000 by the end of the fiscal year, the company is expecting revenues around $30 million this year and $100 million in next two years.
Online companies have been known to make big IPO announcements earlier and then backtrack due to tough market conditions. Lets hope for One97′s sake this one sees the light of the day.
This company have fired around 50 people on Friday. What they want to do ?