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Infosys spin-off OnMobile gets $28 mn funding
Telecom solutions provider OnMobile has raised $27.8 million (Rs 128 crore) from three financial institutions - Deutsche Bank, Goldman Sachs and Polygon Investment Partners - in the second round of funding.
Telecom solutions provider OnMobile has raised USD 27.8 million (Rs 128 crore) from three financial institutions - Deutsche Bank, Goldman Sachs and Polygon Investment Partners - in the second round of funding.
OnMobile, which was spun off from Infosys to build and deploy software solutions for the wireless and Internet industry, would use the investment to strengthen its international presence and fund more research and development activities, said the Chief Executive Officer, Mr Arvind Rao.
"We have a rich pipeline of innovative products under development... this funding will enable us to achieve all this and more, working closely with our new investors," he said.
OnMobile currently has an R&D team of 380 engineers in Bangalore, which it plans to increase to about 450 by the year-end, he said. OnMobile currently has a presence in Australia, Indonesia and Singapore and plans to go global by tapping West Asia, the UK, Europe and US markets among others by 2007-end, Mr Rao said.
"We have a rich pipeline of innovative products under development... this funding will enable us to achieve all this and more, working closely with our new investors," he said. 
