Deutsche Bank, Goldman Sachs & Polygon Investment Partners invest $27.8 million in OnMobile

Mumbai: Telecom value added services provider OnMobile, which was incubated at Infosys Technologies, has announced having secured late stage financing of $27.8 million from Deutsche Bank, Goldman Sachs and Polygon Investment Partners.

Bangalore-based OnMobile provides services like mobile content distribution, interactive media portals, 1-to-1 direct marketing via mobiles, and m-commerce in the Indian telecom market. OnMobile was spun out from Infosys to build and deploy innovative software applications for the wireless internet industry.

"This late stage financing from leading investors validates OnMobile's pioneering and innovative technology, software development skills, high scale operational support capabilities and proven track record. We have a rich pipeline of innovative products under development, and numerous ideas on how to continue contributing value to our customer. This funding will enable us to achieve all this and more, working closely with our new investors," said Arvind Rao co-founder and chief executive officer of OnMobile.

"Our choice of Deutsche Bank, Goldman Sachs and Polygon Investment Partners was driven by the strategic role they will be playing in our drive towards the next level of global growth. There is a significant opportunity to export the innovations and market learnings from our India deployments overseas, and to bring the latest innovations from around the world into India; our new investors are superbly positioned to help us do this," he added.