SAP Ventures, the corporate venturing division of German-based software firm SAP, has invested $10m in mobile internet services firm 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.
The Economic Times quotes Jai Das, managing director of SAP Ventures, who said: "One97 is right in the middle of exploding mobile usage among consumers in developing countries who are using their mobile phones to access the internet, play games, buy content and shop online. I am right now holidaying in Cochin, and it is amazing to see how people are connected and accessing internet differently in India."
One97 provides mobile content, advertising and commerce services to consumers, in addition to investing in other Indian firms, such as social games firm The Mobile Gamer, mobile data services company LeapSky Wireless and mobile performance analysis company Ciqual.
One97 plans to use the capital to expand into emerging markets in Africa and Asia, as well as for additional staffing and research and development.