Mobile payment service provider My Mobile Payments Ltd (MMPL) which operates the mobile money service Money On Mobile has applied to the Foreign Investment Promotion Board (FIPB) to raise funding directly from Caplain Inc, as per an SEC filing. Speaking to Medianama, MMPL managing director Shashank Joshi told that they plan to raise a total $50 million investment, of which they will receive $10 million now and the remaining $40 million in the first quarter next year. Calpian's investment in DPPL: Remember that Calpian had previously invested in MMPL, by investing in a newly formed company DPPL (Digital Payments Processing Limited), which in turn had entered into a service agreement with MMPL in April 2012. The company had then committed a $9.7 million cash investment and 6.1 million shares (6,123,077 shares) in common stock, which seems to have now increased to $10.8 million cash and 6.1 million shares. (More on the funding structure here). Joshi however said that this is a separate investment and will continue as per schedule. Joshi said that FIPB's approval is necessary for this investment, because MMPL manages consumer funds and is therefore licensed and regulated by the Reserve Bank of India (RBI). They had applied for FIPB's approval in the first week of August 2013 and are still awaiting for their response, which is expected in the next few weeks. The company plans to use the investment raised to implement new payment options in the service, although Joshi declined to share more information on this. Few other points worth noting from the SEC filing: - The average transaction size for Money On Mobile seems…
