Netxcell plans to raise US $3mn from Venture Capitalists

NetXcell Ltd, the pioneers in providing Telecom Application Services today announced that they have raised US $1mn as their first round of Venture Capital funding. NetXcell has received this funding from Ike Lee and Ruderman Capital. The company is taking VC route to raise around US $3 mn in the first phase which will support their expansion plans in India and USA.

NetXcell which is a VAS provider in India is also expanding to USA by setting up their office in Dallas last month. Mr. Dayakar Puskoor, Executive Chairman, NetXcell would be  helping  the US operations where they would be playing the role of VAS enabler not only for telecom operators but also for media companies or anyone who wants to reach out to a huge number of audience in one go. 

"Mobile market in US is growing and we see a lot of untapped potential there with companies trying to reach their target audience through mobiles. This is where we will act as a VAS enabler and act as bond between media/content providers, telecom operators and mobile users. We have successfully proved our business model in India and now want to take the same to US market", said Mr. Dayakar Puskoor, Executive Chairman, NetXcell. Mr. Puskoor is recognized as a mobile technology expert and had been associated with JP Mobile later acquired by Good Technology/Motorola. Most recently he was an executive at Microsoft.

Ike Lee, an Ignition Venture partner and CEO of Lee Technology Consulting, said the investment decision was based on two factors. "Ultimately, it comes down to two things. The growth prospects are promising as NetXcell is expanding in US where there is a huge demand for mobile VAS. And we are very enthusiastic in working with Indian entrepreneurs," he said. "We will be investing in industries that are consumer-led. We see growth and many new models emerging in this space," he added.

As part of their US expansion plans NetXcell had signed and MoU with Lifestyle Wireless, USA which develops and markets content for mobile phones to customize an individual's phone according to the specific needs or "lifestyle" of that person.

Sourced From: Perfect Relations Limited