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Why MobME Wireless Postponed Its IPO Offering & Raised $3M Investment

Earlier this week, Kerala-based mobile VAS company MobME Wireless had postponed its IPO plans and raised investment from a few angel investors who were planning to buy MobME's shares through the IPO. Elaborating on this postponement, MobME co-founder and CEO Sanjay Vijayakumar informed Medianama via email that MobME had initially planned an IPO offering since it needed funds to conduct pilots of Mobile Express and also see how the SME exchanges perform. However, the NSE's approval process was delayed due to which they continued raising from private investors who had already shown interest in buying shares from the public market. Note that MobME had received NSE approval in April 2013, two months after filing its draft red herring prospectus with the NSE’s Emerge SME platform to raise around Rs 25 crore. $3 Million Angel Investment By Agnus Capital & Others Vijayakumar also confirmed to Medianama that it has raised $3 million from private angel investors including Agnus Capital and the investment happened last year. A TechCircle report had earlier cited sources to say that MobME has raised $3 million in this round. He said, they have been using the investment for conducting pilots of its mobile digital signature solution Mobile Express, which has tie-ups with mobile authentication and digital signature solution provider Valimo and digital security company Gemalto.  MobME was using Valimo’s Mobile ID solution and Gemalto’s UpTeq PKI (Public Key Infrastructure) SIM cards to develop a secure authentication channel which enables legally binding digital signatures on transactions directly from mobile phones. Vijayakumar claims that they also have a few banks and telecom operators on board for the pilot, but declined to disclose any further details on this…

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