TV18 Acquires 35 Percent Stake In Mobile Retailer MobileNXT
By Nikhil Pahwa - Wed 12 Sep 2007 10:13 PM PST
MobileNXT Teleservices, a Bangalore based mobile retailer has divested 35 percent of stake to TV18, reports Business Standard. MobileNXT will get TV18 content and access to resources and ad inventory...wha’ts in it for TV18? MobileNXT has so far received$ 2 million in funding from Advendus Advisors and some angel investors including Dan Sandhu. They have 25 retail outlets and plan to invest $10 million over the next three years. MobileNXT has planned an online channel for products as well. It’s FY07 turnover was Rs. 23.7 crore, and they’ve targeted Rs. 147 crores by end of FY08. Others in this space include Subhiksha, which has plans for an IPO, The Mobile Store from the Essar and Virgin combine, alongwith thousands of neighbourhood handset retailers.
Disclaimer: I own an inconsequential number of shares of Network18 and TV18
Posted in: Companies, Network18, JV & Investment
