Spice Televentures, a wholly owned subsidiary of the BK Modi Group has launched its mobile software development venture Mobisoc Technology Pvt Ltd. Spice Televentures Chairman Dilip Modi has set the company an ambitious target of being on 10 percent of the total GPRS phones sold in India by December 2009, according to the Hindu.
Mobisoc has partnered with Info Edge companies Naukri and Jeevansathi, online travel agent MakeMyTrip, newspaper Financial Express, and classifieds and community site Sulekha. Readers should bear in mind that these are probably not exclusive deals, since some of these very services are already available on other apps as well; for example, on STAR TV’s application Plus!
We’ve contacted Cellebrum for a clarification on this news - Mobisoc is a subsidiary of Cellebrum, according its Draft Red Herring Prospectus, so where does Spice Televentures come in? Some inputs on the structuring would help.
Mobisoc hasn’t been doing very well, though - according to the Cellebrum DRHP, the company incurred a loss of Rs. 1.4 crores for the nine months ending Dec 31st 2007. By that date, Cellebrum had invested Rs. 10 crores in Mobisoc.
