Better Prospects Lure One97 to snap deal
By Parvina Purkayastha - Wed Sep 26, 12:28 pm
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One97 Mobility Fund has exited from a I Million Singapore Dollar deal of last year with The Mobile Gamer, a Singapore based mobile social gaming centre. It is believed that One97 has struck a deal of 1.8Million Singapore Dollars with Sing Tel who is a telecom giant. The present stake in is said to be 35.54%. It is also said that a few investors from Japan has shown Interest in The Mobile Gamer.
One97 MD Vijay Shekhar Sharma said that they decided to exit as a good price was offered. On One97′s role in the growth of the company, Sharma said that the One97 Mobility fund helps early stage entrepreneurs in operations, and helps them in taking decisions, but it’s ultimately about the entrepreneur’s capability when it comes to
determining its success.
TMG was founded by Alvin Yap and had previously raised around $500,00 from Innosight Ventures. The company focuses on South East Asia and India and offers KotaGames, a web-based mobile gaming service. It also offers social mobile games on mobile community networks like mig33 and has a user base of 4 million. The company claims that players browse up to 80 million pages per month on its games and that 36% of it’s user base pays for games on a monthly basis.
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