My Mobile Payments Ltd (MMPL), a mobile payment solutions company, is in talks with two private equity firms to raise Rs 50-60 crore to fund its expansion plan that seeks to sell the solution to individual consumers.

The company, which applied for the Reserve Bank of India to get relevant permissions, said it now had 10,000 business-to-business customers. “But when we announce subscriptions for individual users, we need huge investments. We hope to complete the deal in two months,” Mr Shashank M Joshi, Managing Director of MMPL, said.

Addressing reporters here on Wednesday, he said the promoters had invested Rs 7.5 crore on developing technology and the network. It had operations in 14 States.

Money on Mobile (MoM), the brand name of MMPL, announced its southern foray by opening an office here. To begin with, the company would open 3,000 franchisees in Andhra Pradesh before entering Tamil Nadu and Karnataka at a later phase.

MoM allowed subscribers to buy prepaid mobile top-ups, DTH recharges, utility bill payments. “We have tied up all telecom operators and DTH players. People could buy mobile money credits from our franchisees and use them for clearing the bills,” Mr Rajat Sharma, Director of MMPL, said.

The company would also seek permission to act as a Business Correspondent, allowing it work in rural areas and take up financial transactions.

IPL games

Cricket lovers could buy tickets for IPL matches played on the home grounds of Delhi Daredevils and Rajasthan Royals teams. “We are in talks with other teams such as Deccan Charges also. We hope to rope in more teams in the next edition of 20:20 championship,” he said.

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