MobileOne Infocom, a mobile application development company as part of its expansions plan in West Asia and South America is looking to capture venture capital funding of $2 million for that purpose.
Ravi Subramanyam, director of MobileOne Infocom said that expanding in North America and Europe by next year is their immediate priority. He also said that is company is planning to raise $2 million for this expansion by equity dilution. He added that they are in discussion with investors to fund their expansion and they might go for IPO in 2013 or get takeover by a larger company related to their field.
MobileOne has partnered with many companies to carry out research and development on various platforms and also system integration, implementation and support services. They have partnered with companies like IBM, TCS, Bharti Airtel, Tata Indicom, Motorola and HP. They are developing SAP Lab to develop enterprise oriented mobile applications.
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Mobile communication has witnessed phenomenal growth in India with number of mobile internet users in India going up to 2 million by end of 2009. And it is set to quadruple by the end of year 2010.
As per the statistics internet penetration in India was at 7 percent for year 2009 and 7.6 million for broadband users. Since it’s observed that mobile services have more coverage compared to broadband, mobile internet growth would surpass broadband internet. And this will eventually help market that deals with mobile internet specially those in application development and value added services.
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