Obopay has acquired Mubble for an undisclosed amount. Mubble used to be a prepaid balance tracking platform for phones, but it is unclear what the company currently does. According to Obopay’s press statement, Mubble has 2 apps with over 10 million users. However, Mubble.in states that these apps are no longer available on the Google Play Store.
The acquisition will help Obopay, which is a payments company, to improve its data analytics and mobile app, and improve its services in Indian and international markets. It will use Mubble’s analytics framework to provide personalised content for its users. Ashwin Ramaswamy, co-founder and CEO of Mubble, will join Obopay.
In 2015, Mubble had raised an undisclosed amount of funding from Nandan Nilekani. At the time, Mubble claimed to have half a million downloads on Google Play, of which it claimed half used the app in Indian languages. Mubble’s growth to 10 million users is not very clear.
Obopay’s history in India
Obopay is a Bangalore based payments companies that also provides technology solutions for telecom, and Banking, Financial Services and Insurance (BFSIs) companies. It claims to have processed over 11% of global mobile money transactions without any fraud cases.
- Obopay, in partnership with Yes Bank, started a mobile payments service in 2008 for Java-based phones and Blackberry devices.
- It was also powering the back-end operations of Nokia Money, a mobile wallet service launched by the phone manufacturer along with Union Bank of India (UBI) in 2010.
- The company had raised more than $144 million from Nokia, Citigroup, Essar Communications, Qualcomm Ventures, Elephant Capital among others.
- However, the company’s fortunes fell sharply after Nokia Money decided to shut down its operations in 2013. Most of Obopay’s investors started to downgrade their investment in the company, while Elephant Capital wrote off its investment completely.
- Paddy Padmanabhan and Rajiv Kuchhal, two former Infosys employees bought the company in 2013.
- The payments company made a revival of sorts last year after It bagged a $15 million contract from Banque Atlantique in Africa for offering digital banking platform. At the time, it also sought an investor to infuse $25 million for beefing up its technology.
- In December 2017, it received a wallet licence from the Reserve Bank of India (RBI).
- Earlier this year, the firm had partnered with Mexico based GoRed Telecommunications to launch a payments service in Mexico.