Nokia is pulling the plug on its Nokia Money business in India, The Hindu Businessline reported earlier today. Nokia has confirmed the development to MediaNama, and shared the following boilerplate statement: As a result of Nokia’s evolving strategy and the business environment, we are exploring options for a structured exit from the Mobile Financial Services business at Nokia, including our own-branded Nokia Money services. Our services will continue to operate whilst we work with our banking, market and technology partners as well as our employees, agents and others to plan future options in accordance with all customer and regulatory requirements Nokia PR said that they don't have any information yet on deadlines, the refund mechanism or the services current user base in India. BusinessLine, though, has some data, and quoting sources, says that subscribers will be asked to use up the money in their account within a 3-4 month period starting March 15th 2012. The Annual Report from Elephant Capital, an investor in Obopay, which powers Nokia Money, states that at the end of August 2011, Obopay's customer base in India had crossed one million users. What Happens To Obopay? Raising Money! Nokia Money was being run on the Obopay platform, and the company had invested $70 million (alongside some smaller partners) in Obopay, in funding rounds closing in February 2009, April 2009 and January 2010. According to Elephant Capital, an investor in Obopay, Obopay raised another round of financing last year, a Series G investment, in which it did…
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