Mumbai-based mobile payment service provider My Mobile Payments Limited (MMPL) is looking to raise Rs.50 cr private equity funding.
The funds will be utilised to build technology platforms to deliver its proposed business-to-customer (B2C) service.
Transaction Reference: Business Standard
Founded in 2010 by Shashank Joshi, MMPL offers its 'Money-on-Mobile' 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.
Company is also planning to offer services for everyday shopping for customers to pay for groceries, medicines, shopping etc.
MoM also provides merchants the ability to accept payments through the mobile phone thereby reducing payment time.
The company does a transaction-based turnover of Rs 35 lakh per day. MMPL plans to scale up its employee base from 55 to 200 within one year.
Mobile payments offer a compelling picture to investors given India's fast growing telecom market, which adds 15-20 million mobile users every month. Month of February 2011 added 20.2 Mn mobile subscribers, taking total number of users to 791.38 million.
In 2009, Bangalore-based mchek had raised $5-8 Mn from Nexus India Capital and Draper Fisher juverston and Obopay raised $70 Mn from Nokia. Some others in this space include Zipcash, Paymate, PayTM and NGPay.
My Mobile Payments Limited
, Shashank Joshi
, Nexus India Capital
, Draper Fisher Juverston
|My Mobile Payments Limited
||7th Floor, Met Complex, Bandra Reclamation.