One97 Invests In Singapore's LeapSky Wireless
Mobile value added services firm One97 Communications Ltd has invested an undisclosed amount in Singapore-based LeapSky Wireless, which provides easy-to-use 3G/Wifi based mobile data services.
Leapsky's initial product converts local 3G to WiFi, making it simple and cost effective to use roaming mobile broadband services. This product looks to tackle the problem of high data usage costs for user on roaming and uses its patent pending 'Identity Management' technology.
LeapSky is incubated at Singapore Management University Institute for Innovation and Entrepreneurship and has already started to commercialize its product. The start-up has received a grant from Singapore Government's Spring TECS-POV (Technology Enterprise Commercialisation Scheme - Proof of Value) besides seed stage funding.
"We are investing in a pre-revenue company working on a breakthrough product. Siva and his team have tremendous passion and focus solving a critical gap in mobile internet services for roaming users," said Vijay Shekhar Sharma, Chairman and Managing Director of One97 Communications.
"Investment from One97 is very strategic and the market timing is just right for such a product. Operator relationships and experience of One97 are very key to our product launch and global growth," said Siva Sai N, founder of of LeapSky. Earlier this year, One97 had invested in Ciqual, a Scotland-based mobile broadband customer service solutions firm along with Google executive chairman Eric Schmidt's Tomorrow Ventures and current Scottish investors, Par Equity.
One97, which has filed for a Rs 120 crore IPO, made more than 2.5 times on its investment in Singapore-based tenCube last year. tenCube is a mobile security services company whose product includes WaveSecure mobile security service. It was acquired by McAfee, Inc for $9.5 million in July 2010 whereas One97 had invested in late December '09 in the firm.
SAIF Partners and Intel Capital-backed One97 had also invested in companies such as Oorja (a customer analytics firm), Paytm (a mobile commerce platform) and Oc2ps (a social networking application).