IMI Mobile Raises $13 Million In Funding From Sequoia Capital
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The funding is surely coming easy for mobile VAS providers, it seems as One97 just few days ago announced their plans to go public and now IMI mobile, another VAS provider announced their funding updates. IMI mobile has raised funds to the tune of $13 million from Sequoia Capital and existing investors First Mark Capital.
IMI mobile is looking at major global acquisitions through the latest infusion of funds and as such been focusing on overseas market for quite some time. The company recently tied up with MTN to provide its proprietary service delivery network to African telco.
According to Vishwanath Alluri, IMI mobile, “The VC funding will be used to make acquisitions in Europe and the US. We are targeting to close one buyout by calendar 2010. The new financing will enable us to develop our cloud infrastructure for Tier 1 telecom operators and allow us to expand our customer base .”
IMI mobile provides VAS products to cater general audiences through song downloads service and exam results ,it also facilitates Mobile advertising through Ad ring.The company serves telcos with its integrated Content Management System and delivery network services to minimize the time taken to take new services to the market.
Mobile VAS is a $1.5 billion industry in India at just 7 % of total telecom services market. Big VAS Companies like On Mobile Global, One 97 and IMI mobile has been catering global audiences through their International acquisitions for quite some time now.
The recent fund raising exercises undertaken by MVAS companies showcase their organic plans for growth and their quest to increase their product offerings to consumers. Mobile VAS industry in India at present is at very nascent stage and as such will continue to see growth and renewed interest from private equity players.
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