You are here: Home » Technology » News » Apps
Business Standard

MobileNXT divests 35% stake to TV18

Mahesh Kulkarni  |  Bangalore 

Bangalore-based MobileNXT Teleservices, the Rs 24 crore mobile retail chain has offloaded a 35 per cent stake to media firm, TV18. No transaction details have been disclosed.
Romy Juneja, chief operating officer, MobileNXT, said, "This deal is the first of its kind between a media firm and a mobile retail chain. We have already planned an ambitious expansion plan which will be executed over the next three years."
MobileNXT was promoted by Vijay Menon and Romy Juneja with an initial investment of under $2 million raised from Avendus Advisors, an investment bank based in Mumbai, and some high net worth individuals like Dan Sandhu, in April 2006.
With this partnership consumers will get a combination of online and offline channels where they can check all details on the net, as well as shop at the store. MobileNXT will also be a window to Indian expats.
MobileNXT will benefit from TV18 for content, whether it is ringtones, movies, snippets, creative aspects like entertainment, web creative as well as media advertising.
In about a year and a half, the company has opened 25 retail outlets and it has planned to open 150 stores by March 2008. This will be extended over the next three years.
It plans to invest about $10 million in the next three years, a significant portion of which will be utilised in the next 18 months, Juneja told Business Standard.
Juneja said that the company achieved a turnover of Rs 23.70 crore in FY07 and aims to touch Rs 147 crore by the end of FY08.
Vijay N Menon, founder and CEO, MobileNXT, said, "Our second phase of growth will happen through a franchisee network. We are in the process of appointing franchisees in metros and major cities to expand our footprint. We are also approaching major software companies and public sector companies to open our outlets for their employees."

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, September 13 2007. 00:00 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU