June 1st 2012: According to Y2CF's filings with the Registrar of Companies, it's board approved the issuance of 312,500 Class A Equity shares for Rs 22,25,00,000 on 17.10.2011, to Bharti Softbank Holdings Pte Ltd. As per the updated Articles of Association of the company, Bharti Softbank has been allocated shares amounting to 49.74% (so the ET story was accurate). Bharti Softbank also has the right to subscribe to additional Class A Equity Shares of the Company within three years, and in tranches, up to a maximum total share holding of 60% of the fully dilutes post-money capitalization of the Company. Atsushi Taira and Madhusudan Nori from Bharti Softbank have joined the board of directors of Y2CF, according to the filings. Note that our initial report regarding the amount of investment was incorrect. May 31st 2012: So, it's official, but very low on details: BSB confirms what we had reported. The service is called Hoppr, and is being launched across 6 telcos (Airtel, Aircel, Idea, Reliance, Tata Docomo, and Vodafone). BSB has taken "an equity stake" in Y2CF (ET had reported 49%) with the option of acquiring a majority stake. Hoppr will cover 3000 retail outlets in Delhi, Mumbai, Kolkata and Bengaluru, and Kavin Bharti Mittal, BSB's Head of Strategy & New Product Development sees this as a means of helping people find what they're looking for offline, and helping "organize the vastly unorganized merchant base by connecting them with consumers who have such devices near them." Scroll down for our…
Location Based Services
Updated: Bharti Softbank Backed Y2CF To Launch Hoppr Location Based Deals With Six Telcos
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