Funds seems to be pouring in to Indian companies and this time SAP who is the market leader in enterprise application software which has it investment arm called SAP Ventured has invested USD $10 million in a Delhi based mobile internet services firm One97 Communications. SAP ventures is the only investor in this third round of funding.
Founded in year 2000, One97 is a delhi based mobile internet services company offering its services for consumers in India and delivers mobile content, advertising and commerce services to mobile consumers. One97 is the largest private independent provider of telecom managed value added services in India. Earlier the company has also got fundings from others investors ranging from Intel Capital, SAIF Partners and Silicon Valley Bank.
The founder of One97, Vijay Shekhar Sharma is an engineer, who belongs to town Aligarh, he has started first business venture XS Corps, a web solutions firm while he was in third year off his engineering. The start-up was later sold to US based technology firm Lotus Interworks in 1999. Afterwards he also worked togather with Bhari Airel as VAS (value added service) partner. In 2004-2005, his revenue was Rs 7 crore per year and than in 2005-06, he earned Rs 11 crore and in 2006-07, he acquired Positive Consol, a data services company in Noida, India. One97 is now a INR 250 crore company i.e. around USD$ 2.5 billion dollar revenue per year.
SAP ventures has also invested in JustDial, iYogi, Connectiva and Newgen among which are among SAP’s Indian portfolio companies. SAP venture is more keen on companies based in US, Europe, India, Brazil and China.