Indo US Venture Partners and Qualcomm Incorporated, acting through its venture capital investment arm, Qualcomm Ventures, invest INR 180 Million in the Series “A” Round, into Onward Mobility, a mobile application and distribution company based out of Mumbai. The Company had raised over $ 1 Million in two rounds last year from the Mumbai Angels, India's leading group of angel investors, who were given a partial exit in this round. The company plans to utilise these funds to expand their product offering, Retail Distribution reach and for hiring key employees.
Consort Capital, a premier Mumbai-based investment bank were the sole advisors to the Company. Vani Kola from Indo US Venture Partners and Rajiv Dadlani from the Mumbai Angels are the investor Directors on the Board of the Company and Karthee Madasamy from Qualcomm Ventures will be taking the observer seat.
The Company has a unique model of selling and distributing their own and third party products through retail counters across India. Their products under the brand name MOBI, like MobiCop, MobiRecord, MobiSecret, among others, are already present in eight states and are rapidly expanding their presence across India. Onward Mobility also has already entered into strategic partnerships with many content publishers and intends to roll out their partner’s products like games, entertainment, music, education and other content through their unique offline distribution channel in the next few months.
The Mobile Applications market in particular is expected to grow to $25 Billion by 2013 as per Juniper Research. The overall market for Mobility software and applications in Asia-Pacific alone is expected to grow at a CAGR of 35 % from 2011 to 2015. This presents a huge opportunity for Onward Mobility as it is the only company in India with a direct to consumer business model of retailing mobile applications as against most other mobile applications companies which are looking at selling their products through online channels like applications stores.
Tags: Qualcomm, Mumbai Angels, Retail Distribution, MobiCop, MobiRecord