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My Mobile to raise Rs 50 crore PE fund

BS Reporter  |  Chennai/ Hyderabad 

My Mobile Payments Limited (MMPL), a Mumbai-based mobile payment service provider, is looking at raising Rs 50-crore private equity fund.

“We are in talks with a couple of private equity players and should be sealing the deal in four months from now. The funds will be utilised to build platforms to deliver our proposed business-to-customer (B2C) service,” Shashank M Joshi, managing director of MMPL, told Business Standard.

MMPL offers its Money-on-Mobile (MoM) services, including talk time top-ups, DTH accounts, air, rail and movie ticket booking and BSNL landline and fixedline postpaid billing, to close to 10,000 business-to-business (B2B) clients across 15 states. The company does a transaction-based turnover of Rs 35 lakh per day.

“We are formalising plans to launch our B2C services this May and have 10 million customers in the first year of launch,” Joshi said, adding the idea was to turn the RBI’s desire into reality of converting 70 per cent of the country’s financial transactions to be electronic by 2012.

Announcing the launch of MoM services in the Andhra Pradesh market today, Joshi said the company was expecting to rope in 7,000 retailers in the state in the next four months and do a transaction-based turnover of Rs 7 crore per month here. MMPL would enter the other southern states by the end of April.

Mobile Payments Limited, since the launch of its services six months ago, had so far done a transaction-based turnover of Rs 18 crore, and expects to touch Rs 200 crore this financial year.

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First Published: Thu, April 07 2011. 00:06 IST