ValueFirst, a Mobile Value Added Services (VAS) company, has launched services in Sri Lanka as a Mobile Virtual Network Operator (MVNO), and will invest $1 million in country over the next 18 months, reports the Hindu. As per the story, ValueFirst has profit of over Rs. 100 crores, with operations in Pakistan, Nigeria, Romainia, Middle-East and Lebanon.

Incidentally, ValueFirst has been funded by Rajesh Jain. The company appears to be following Indian mobile operator Airtel into Sri Lanka; Airtel plans to launch 2G and 3G services in the island nation by April 2008, with an investment of around $150 million. There are four other operators in Sri Lanka, which has a mobile penetration of around 30 percent, growing at around 2 million subs a month.

Update: Looks like the Hindu got the profits figure wrong. Should have crosschecked with ValueFirst.