Its job done, Ojas Ventures, a Bangalore based early stage VC firm has exited its portfolio company Mango Technologies, reported VCCircle. Ojas invested in Mango in August 2008, apart from Bangalore-based TeliBrahma, Ziva Software and Tyfone.
Telecom conglomerate Qualcomm picked up interest in IIM-Bangalore incubated Mango, which has a light operating system for handsets and a desktop software that will enable developers to customise user interfaces and applications for low-cost mobiles. Qualcomm bought the two software from Mango for an undisclosed amount, following which Ojas has exited its investment in the startup.
One of Mango’s flagship products that was bought by Qualcomm is an application framework that enables developers to create rich media applications for low cost handsets. The other is Mango Media Management platform, with which the company will be able to offer context-based content delivery and converged applications. Mango is currently working on 3G mobile applications for these sectors: agriculture, education, entertainment, e-governance, health and m-banking. It is not clear if Mango will completely exit these businesses after the Qualcomm takeover. Economic Times quotes Sunil Maheshwari, Mango’s CEO and founder as saying the company would have found it difficult to scale the products’ usage. Two other investors in Mango are Texas Instruments and OpCord. Recently, Dilip R Mehta of IIM Bangalore noted at Mobile India 2010 that proposals for VAS startups at IIM-B had dried up over the last six months – will this news spark a renewal in interest in mobile applications, or it an indication of how difficult it is for mobile startups in India to scale?