Geodesic India has launched Mundu Radio, a free software for accessing Internet Radio using mobile devices, via GPRS. The software is currently in beta and supports Symbian and Palm OS platforms. The press release states that it supports the Windows Mobile platform too, but it isn’t available for download at the Mundu Radio website, when I last checked. Mundu supports audio streaming at 24Kbps and-  32Kbps.
The launch is a month later than had been indicated in their quarterly result report, published in July (pdf). Last month, in an interview to CNBC-TV18, Mahesh Murthy, Director at Geodesic Information had said:

[...]at this point we want to get adoption, then gear up and get the revenue model working out of that soon.

Any guesses on what that revenue model is?