India-based mobile internet company One97 Communications has invested an undisclosed amount in MobiSwipe Technologies via its the One97 Mobility Fund, as reported on VCCircle.com. MobiSwip provides services for mobile phones.
The new funds will allow the company to scale up operations and accelerate growth.
Vijay Shekhar Sharma, founder and chief executive of One97 Communications, which runs One97 Mobility Fund, will join MobiSwipe board as its chairman.
One97’s $100m corporate venturing fund, in association with venture capital firm SAIF, invests between $500,000 and $5m in seed to growth-stage companies focused on the Indian mobile equipment market.
One97 Communication’s recently acquired marketing company MobiVite, which was owned by technology start-up Srishti TechNe.