OnMobile, a leading Indian mobile content and commerce services provider, has acquired the 100 per cent stake in ITFinity, a specialist mobile software firm, for $15-20 million, The Economic Times reports, quoting sources. ITFinity, headquartered in Mumbai, is funded by private investors like Rajat Gupta of McKinsey, Ashish Dhawan of ChrysCapital, Luis Miranda of India Development Fund, Mumbai investment bank Edelweiss Capital and Rajesh TS Reddy, former founder of Unimobile.
In October this year, OnMobile had raised $27.8 million from a clutch of investors including Deutsche Bank, Goldman Sachs and Polygon Investment Partners. They together picked up 10 per cent stake in OnMobile, reportedly valuing the Infosys-backed company at $270 million.