MobME plans IPO, garners Rs 16 cr from angel investors

MobME Wireless Solutions Ltd, a Kerala-based mobile and Internet company, has garnered over Rs 16 crore through private angel investors to keep its growth plans on track. The company has plans to go for IPO soon.
 
MobME plans  to raise Rs 25 crore through IPO was approved by the National Stock Exchange (NSE) in April last year, and the company was given  a timeframe of one year to launch the issue. The proposed IPO was assigned a grading of 3/5 by CRISIL.
 
Agnus Capital and a few individual investors, including T S Anantharaman, Director, Catholic Syrian Bank [CSB] and Vice-Chairman, Leo Pharma Group, invested around $3 million in the company last year as angel investors,  said MobME CEO Sanjay Vijayakumkar.

 

We  planned to use the funds to pilot our Digital Signature Business. As we have enough capital for the pilot, we will wait till the results are out to gauge the fund requirements for scaling up,” he added.
 
The  company, set up in 2006, had been deploying the cash into the Mobile Digital Signature pilot and roped in some senior executives from banking and telecom sectors.  

MobME caters to top telecom clients such as Vodafone, Bharti Airtel and Aircel in its value-added services (VAS) and network solutions businesses. It has executed several projects in enterprise solutions and M-governance (mobile governance) segments for state governments (Kerala, Nagaland and Goa) and is expanding to Banking Space with Innovative Mobile Banking Products like Fedbook, a Mobile Passbook for Federal Bank, which won awards from Indian Banks Association.

 
Significantly, the company has bagged the exclusive technology rights in India to roll out PKI based mobile digital signatures for secure log-ins and transactions. It has partnered with Gemalto from the Netherlands and Valimo Wireless OY of Finland to ensure secure and fraud-proof transactions via cell phones for the first time in India.