Date:11/08/2006 URL: http://www.thehindubusinessline.com/2006/08/11/stories/2006081104350400.htm

Back Helion Venture invests $2.2 m in JiGrahak

Our Bureau

`Mobile application has huge potential'

The investment will be used to expand JiGrahak's sales and marketing initiatives and technology infrastructure.

Bangalore Aug. 10

, Venture capital firm Helion Venture Partners has picked up an undisclosed equity stake by investing $2.2 million in mobile technology start-up, JiGrahak Mobility Solutions Pvt Ltd.

JiGrahak has developed a freely downloadable mobile application NGPay that allows users to avail themselves of services such as buying airline or movie tickets to paying utility bills through their mobile phones in a quick and secure manner.

Companies can use NGPay platform as a new anytime, anywhere channel to offer their products or services such as movie tickets, flowers, books, airline tickets among others to customers.

JiGrahak's current customer base includes Air Deccan, Sifymall, a multiplex chain and a global financial institution, said the CEO, Mr Sourabh Jain.

Mobile commerce

Announcing Helion's first investment, Mr Ashish Gupta, Managing Director, "We are confident that JiGrahak's solution NGPay will enable it to drive mobile commerce usage and become a market leader".

The investment will be used to expand JiGrahak's sales and marketing initiatives and enhance its technology infrastructure. Helion plans to invest in technology-powered companies across different growth stages from its initial fund of $140 million.

"For early-stage companies we will invest between $1 million and $2 million and for matured companies, our investments could be in the range of $8 million to $10 million," said Mr Kanlwaljit Singh, another Managing Director at Helion.

"With over 100 million mobile phone users in the country, JiGrahak is really addressing a huge potential market," he said.