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One97 Raises $10M From SAP Ventures

Looking to reinvent itself as a mobile Internet and commerce company from a mobile Value Added Services company, One97 Communications* has raised $10 million from SAP Ventures. The company also plans to expand its operations into new geographies, especially South Asia and Africa. Vijay Shekhar Sharma, MD, One97 Communications told MediaNama that their business is being "driven more and more by mobile Internet, and there is a large amount of revenue that you can make via mobile marketing and mobile commerce. Most of the investment will go into this." The company claims that over 450 million mobile users used its mobile marketing and commerce platform for conducting transactions in the month of August 2011. The company has a mobile commerce business called PayTM, and is planning to enter the mobile games business as well. The funding for One97 comes at…

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Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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