Mumbai based paid applications company Onward Mobility has raised an undisclosed amount of money from Mumbai Angels, a group of angel investors. Amit Grover of the Mumbai Angels told MediaNama that they've taken a stake of 20-25 percent in the company, while Arun Menon, CEO of Onwards Mobility put the investment figure around the Rs 30 million mark. Vikas Choudhuri and Vivek Nathwani from Mumbai Angels have joined the Board of Onward Mobility, while Rajiv Dadlani will be a Board Observer. Menon said that the money raised Menon will be utilized to expand its reach in India, develop more products and add to its product range called Mobi Family. It is looking at a pan India market in both consumer and enterprise markets. Business Model: Retail Only Onward Mobility develops Symbian, Java and Blackberry apps, and the company is "Android-ready", though, according to Menon, developing apps for their iPhone "doesn't suit their business model". "We're better off selling apps offline," he says, "because Application Stores are too cluttered and our apps don't get sufficient visibility. Especially in India, not many people buy apps through Credit Cards. People don't need credit cards or GPRS with our existing model." Though it's not their focus area, Menon says that Onward Mobility might look at iPhone apps in the future. Onward Mobility markets apps and solutions on the FMCG (Fast Moving Consumer Goods) model. Given that the retail sector is still unorganized in India, the company intends to rope in individual distributors who in turn deal with individual retailers rather than targeting…
