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Spice Labs makes ‘strategic investment’ in Exponentially I Mobility

Consumer tech maker Spice Mobility’s subsidiary unit Spice Labs has made a “strategic investment” into Exponentially I Mobility, a company that it says develops and promotes mobile apps, according to Spice Lab’s filing with the stock exchanges. The company did not disclose the size of the deal but added that Spice Labs will now “become a partner with a profit sharing ratio of 28.46%” in Exponentially I Mobility LLC.

According to Zaubacorp, which has details from Exponentially I Mobility LLC’s filings with India’s Registrar of Companies, the company is a partnership firm headed by Dilip Kumar Modi, who is also the current executive chairman of Spice Mobility. What’s interesting, though, is that Exponentially I Mobility had made an undisclosed amount of investment into education and learning app Uolo in June last year, according to TechCircle. So is the company a development firm or an investment company? We could find no other mention of Exponentially I Mobility online, not even a website.

Other investments and deals by Spice

In November last year, Spice Mobility acquired a 100% stake in SVA (Mauritius) through its subsidiary unit Spice VAS Africa Limited. SVA deals with content monetization and supply of IT and software services. In the same month, Spice informed the stock exchanges that it has set up a fully owned IoT subsidiary without providing any detailed information. Apart from this, the company has been stepping up investments in various subsidiaries:

-In June last year, Spice sold a 49% stake in its subsidiary Spice Online to Digitone, a subsidiary firm of Beijing Digital Telecom Company. Beijing Digital said that the stake purchase was valued at $2.5 million.
-In May, Spice Mobility acquired full equity stake in Omniventures and New Spice Solutions, making both companies a wholly owned subsidiary of Spice Mobility.
-In January last year, Spice Mobility had acquired a 22.54% stake in Delhi-based Sunstone Eduversity, in an all-cash deal.
-In July 2015, it had acquired a 26% stake in telecom technology solutions providers Creative Functionapps Lab for an undisclosed amount.

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Financials

During the quarter ended 31st December 2016 (Q3FY17), Spice Mobility’s device business suffered a loss of Rs 3.64 crore, which narrowed down from a loss of Rs 24.53 crore in the same quarter last year, and Rs 5.74 crore in the preceding quarter. Overall revenues stood at Rs 264.12 crore during Q3, with the devices business accounting for 73% of its total revenues.

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