The Hindu Business Line : Infosys spin-off OnMobile gets $28-m funding

Telecom solutions provider OnMobile has raised $27.8 million (Rs 128 crore) from three financial institutions - Deutsche Bank, Goldman Sachs and Polygon Investment Partners - in the second round of funding.

OnMobile, which was spun off from Infosys to build and deploy software solutions for the wireless and Internet industry, would use the investment to strengthen its international presence and fund more research and development activities, said the Chief Executive Officer, Mr Arvind Rao.

"We have a rich pipeline of innovative products under development... this funding will enable us to achieve all this and more, working closely with our new investors," he said.

OnMobile currently has an R&D team of 380 engineers in Bangalore, which it plans to increase to about 450 by the year-end, he said. OnMobile currently has a presence in Australia, Indonesia and Singapore and plans to go global by tapping West Asia, the UK, Europe and US markets among others by 2007-end, Mr Rao said.

OnMobile provides telecom value-added services, mobile content distribution, interactive media portals, and M-commerce solutions. The company, which has been growing over 70-80 per cent a year, has been profitable for a while, Mr Rao said.

OnMobile had raised $18 million from early stage investor Argo Global Capital in the first round. Founders including Mr Rao and employees own a 40-45 per cent stake in the company, while Infosys Technologies owns about 15 per cent.

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