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…
- Jade Lyngdoh on Content Moderation in Non-English Languages | Meta India Tech Scholars 2021-22 February 1, 2023
- Why is a global approach to crypto regulation needed, according to India’s Economic Survey? February 1, 2023
- Budget 2023: Top Tech Policy Takeaways from Nirmala Sitharaman’s Speech February 1, 2023
- Everything You Need to Know About the India-US Critical and Emerging Technology Initiative February 1, 2023
- RS Sharma, key person for Aadhaar and Co-WIN projects, steps down as Chief of National Health Authority of India February 1, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.
The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...