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FIPB Asks My Mobile Payments To Raise $9.5M Via Automatic Route; Financials

Mobile payment service provider My Mobile Payments Ltd (MMPL) which operates the mobile money service Money On Mobile, has been directed by the Foreign Investment Promotion Board (FIPB) to raise Rs 58.91 crore (around $9.46 million) through the automatic route. The company had previously applied for FIPB’s approval in the first week of August 2013 to directly raise funding from Caplain Inc. MMPL managing director Shashank Joshi had told Medianama that they were planning to raise a total $50 million investment from Calpian, of which they will receive $10 million now and the remaining $40 million in the first quarter next year. Joshi had said FIPB’s approval was necessary for this investment, since MMPL manages consumer funds and is therefore licensed and regulated by the Reserve Bank of India (RBI). Last month, Money on Mobile had introduced direct bill payment integration with five Indian utility providers including Bihar Electricity Bill Payment, Reliance Energy Bill Payment, BEST Electricity Bill Payment, Mahanagar Gas Limited and Tikona Bill Payment. It had also received a five year authorization renewal from RBI last month. DPPL Investment: 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 had increased to $10.8 million cash and 6.1 million shares earlier this year (More on the funding structure here). Joshi however had mentioned that this was a separate investment altogether. As of September 30, 2013, Calpian has invested $8.7…

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