Kerala-based mobile VAS company MobME Wireless has postponed its IPO plans and raised undisclosed amount of angel funding, the company's founder and CEO Sanjay Vijayakumar has told Financial Chronicle. Vijayakumar said that they have raised investment from a few angel investors who were planning to buy their shares through the IPO, although he hasn't disclosed any information on the capital raised or the investors in this round. A TechCircle report cites sources to say that MobME has raised $3 million. We are awaiting for Vijayakumar's response for more details on this. MobME had first stated plans of raising capital through an IPO rather than choosing venture capital funding in December 2012. It had filed its draft red herring prospectus with the NSE’s Emerge SME platform to raise around Rs 25 crore in February 2013, by offering 705,600 equity shares for the face value of Rs 10. In April 2013, it had received an in-principal approval from the National Stock Exchange (NSE) which is valid until April this year, following which the company will have to re-draft its draft red herring prospectus (DRHP) for an IPO. Vijayakumar had told Medianama that the company plans to use the capital raised to implement its digital signature pilot projects in Kerala, which is expected to be rolled out by this year. He had also mentioned that they are planning to shift from the NSE Emerge platform to the main stock exchange in a year or two. MobME currently offers telecom products and services to operators, brands and the government. This includes network solutions for telcos to manage SMSC, USSD, IVR and Outbound Dialler (OBD) services, value added services…
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