MUMBAI: Mauj Telecom has received a funding of $10 million from WestBridge Capital Partners, Intel Capital and Sequoia Capital.
WestBridge Capital Partners led the round of venture capital funding. Mauj Telecom, which is part of People Group, develops services on all leading platforms including J2ME, Smartphone, BREW, Symbian, SS7 and I-Mode and is partnered with the leading wireless operators and portals in the world.
Intel Capital, Intel Corporation's venture investment arm, focuses on making minority equity investments to grow the Internet economy in support of Intel's strategic interests. Sequoia Capital is the world's leading venture investor specially in new economy businesses and has previously invested in companies such as Google, Yahoo and Cisco.
Commenting on the funding support from three leading VCs, People Group CMD Anupam Mittal said, "Today is a big day not just for us but also for the Mobile VAS Industry. We understand this is the largest deal in this space in India and we expect that it will trigger many more. We are especially thrilled that we are backed by a 'dream team' - WestBridge, Intel and Sequoia are all names that require no introduction so their support is a testament to what the team at Mauj has been able to envision and build. The capital will be used to grow the business organically and through acquisitions."
Added Mauj Telecom CEO Arun Gupta: 'Mauj Telecom will use the capital to expand aggressively globally in the areas of mobile music and mobile gaming.'
WestBridge Capital Partners MD Sandeep Singhal will join the board of Mauj Telecom. Speaking on the investment, Singhal said, "Mauj Telecom has built a very strong leading position in the mobile value added services market in a very short period of time. We believe that mobile value added services are poised for rapid growth globally and are excited to be a partner in Mauj Telecom's continued rapid growth and helping them further dominate the market."
"Wireless is experiencing explosive growth in India. Mauj Telecom's focus on Mobile Value Added Services presents an opportunity for significant growth," said Intel Capital India director Kumar Shiralagi said. "Our investment in Mauj Telecom provides Intel Capital with the opportunity to share what we have learned through our investments worldwide as we work together with them to build their business."
