The Hindu Business Line : Pequot pumps in Rs 45 cr in IMImobile

The CEO and founder of IMImobile, Mr A.R.Vishwanath Reddy, said that the funding would provide additional support to domestic and international expansion plans.

Hyderabad , July 10

Pequot Ventures, a technology venture capital firm, on Monday announced it has invested $10 million (about Rs 45 crore) in IMImobile, a Hyderabad-based developer of wireless data and voice technology platforms and content aggregation services provider for mobile operators.

IMImobile will use the proceeds to expand operations, to tap new markets, in West Asia and Africa and for setting up of a 3G Covergence Lab.

The Senior Vice-President of Pequot Ventures, Mr. Amish Jani, who has joined the IMImobile board, in a statement said, "With voice tariffs declining globally, wireless data is increasingly being relied upon to maintain and increase ARPUs (average revenue per user). The wireless market in India is the fastest growing in the world."

The CEO and founder of IMImobile, Mr A.R.Vishwanath Reddy, told Business Line that the funding would provide additional support to domestic and international expansion plans.

The mobile VAS market involves a sophisticated chain connecting thousands of content partners to millions of mobile subscribers across disparate networks and hundreds of device types. This requires platforms that deliver content efficiently, provide robust network connectivity and billing capabilities and scale with high subscriber usage.

With the Indian market alone expecting to grow from 90 million subscribers to over 300 million in the next few years, operators are interested in providers who can package technology capabilities with content skills and offer them on a turnkey basis.

IMImobile has over 40 customers worldwide, including Airtel, Reliance, BSNL, Aircel, Hutch and Idea, as well as media players such as Yahoo and Star TV.

In addition, the company has deployed its platforms across Europe, Latin America, Africa, Middle East and Asia.

MAPE Advisory Group served as the exclusive advisor to IMImobile for the transaction.

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