MobME Wireless Solutions, whose clients include Vodafone, Bharti Airtel and Aircel, has mobilized over Rs 16 crore through private angel investors.
The fund mobilization follows its inability to raise Rs 25 crore through IPO that was approved by National Stock Exchange (NSE) in April last year.
The angel investors include Agnus Capital, few individual investors including T S Anantharaman, director, Catholic Syrian Bank and vice chairman, Leo Pharma Group, invested around $3 million in the company last year.
MobME CEO Sanjay Vijayakumkar said: “Technically, MobME can still go ahead with the IPO by filing the red herring. As shown in our Draft Red Herring, we had planned to use the funds to pilot our Digital Signature Business. As we have enough capital for the pilot, we will wait till the results are out to gauge the fund requirements for scaling up.”
The company recently hired senior executives from banking and telecom sectors to expand its Mobile Digital Signature pilot. MobME says the Digital Identity Space is currently hot globally and it ranks among the six biggest trends in enterprise mobile strategy.
MobME has executed several projects in enterprise solutions and M-governance segments for state governments like Kerala, Nagaland and Goa and is expanding to banking space with mobile banking products like Fedbook, a mobile passbook for Federal Bank.
The company has bagged the exclusive technology rights in India to roll out PKI based mobile digital signatures for secure log-ins and transactions. It has partnered with Gemalto from the Netherlands and Valimo Wireless OY of Finland to ensure secure and fraud-proof transactions via cell phones for the first time in India.
