India-based One97 Communications, a mobile Internet company, has acquired marketing company MobiVite, which is owned by technology start-up Srishti TechNe. Financial terms have not been disclosed.
The acquisition means One97 can now offer complete mobile marketing services to brands and agencies.
Vijay Shekhar Sharma, Founder and CEO of One97, says: “We want to be the dominating force of the mobile Internet ecosystem. Bringing Mobivite to One97 allows us to accelerate our journey towards the purpose. Brands and agencies will absolutely love this platform!”
One97 Communications operates the One97 Mobile corporate venturing fund in association with venture capital firm SAIF.
Last year SAP Ventures, the corporate venturing division of German-based software firm SAP, invested $10m in One97, according to Indian newspaper the Economic Times.
One97 previously raised an undisclosed amount of series B funding from semiconductor Intel’s corporate venturing unit Intel Capital in January 2009. The financing was provided by the Intel Capital India Technology Fund, which has invested in several Indian startups.
In addition to Intel Capital and SAP Ventures, One97 has picked up funding from the Silicon Valley Bank and private equity firm SAIF Partners. India-based investment news website VCCircle reported in June 2010 that SAIF had upped its stake in One97 to around 41% by acquiring shares from individual shareholders, investing a total of nearly $20m, and that SAIF and SVB’s initial funding came in March 2007.