Promethean India, listed on the Alternative Investment Market, said it has invested $1 million (around Rs 4.15 crore) during a fresh round of funding in US-based Obopay, in which India's Essar Communications Holdings has a strategic stake.

<tr><td><p class='TableClas'></p><P class='TableClas'><DIV CLASS=rightDiv><script language="JavaScript">
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		<script type="text/javascript" src="http://pagead2.googlesyndication.com/pagead/show_ads.js">
		</script> </DIV><p class='TableClas'>Promethean invested through its Mauritius-based subsidiary Promethean Indian Investments Fund 1 on April 24. 
</p><p class='TableClas'>Promethean is an investment company that focuses on businesses that are established or operating in India, while Obapay operates technology that allows users to make payments from their mobile phones. 
</p><p class='TableClas'>&#34The current round of financing for up to $45 million was heavily oversubscribed by Obopay&#39;s existing investors. This round of funding was completed at 2.7 times the valuation of the previous rounds,&#34 the firm said in a regulatory filing. </P></p><p class='TableClas'></p></table>


Promethean India invests Rs 4 crore in US firm

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