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One97 Mobility Fund Exits TheMobileGamer

One97 Mobility Fund which had invested Singapore$ 1 million (around $820,000 at the time of the funding) in TheMobileGamer, a Singapore based mobile social gaming company, last year, has now exited from the venture, as the company has now raised Singapore$ 1.8 million from telecom giant, SingTel, for a 35.54% stake, as reported by SGEntrepreneurs. Further, Japanese telecom service provider and communications company Softbank will also reportedly invest in TheMobileGamer. Speaking with MediaNama, One97 MD Vijay Shekhar Sharma said that they decided to exit as a good price was offered. On One97's role in the growth of the company, Sharma said that the One97 Mobility fund helps early stage entrepreneurs in operations, and helps them in taking decisions, but it's ultimately about the entrepreneur's capability when it comes to determining its success. Founded by Alvin Yap, TMG is profitable, and had previously raised around Singapore$ 500,000 from Innosight Ventures. The company focuses on South East Asia and India and offers KotaGames, a web-based mobile gaming service. It also offers social mobile games on mobile community networks like mig33 and has a user base of 4 million. The company claims that players browse up to 80 million pages per month on its games and that 36% of it's user base pays for games on a monthly basis. In the past, One97 has invested in two other Singapore based companies - mobile security firm TenCube, which was acquired by McAfee, - data roaming provider LeapSky Wireless. Update: A copy of the stock exchange announcement- SINGAPORE TELECOMMUNICATIONS LIMITED (Incorporated in the Republic of…

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