NetXcell To Raise Rs 12 Crore Through Private Equity

NetXcell, a telecom application service provider, is in the process of raising $3 million (approx Rs 12 crore) through a private equity to fund sales operations in India and the US in addition to its product portfolio, reports BS quoting executive chairman Puskoor.

Among its VAS services, it provides mobile radio (IVR)and ‘Cricket on Mobile’, ‘Advertising on Mobile’ and ‘Exam Results on Mobile’. Its client rooster includes Airtel, Reliance and Vodafone (NYSE: VOD) amongst others and claims to garner 90% revenues (No comment on what component) for Airtel. It also operates the 59595 shortcode, currently powering VAS on it for Idea. NetXcell had raised $1 million (Rs 4 crore) in its first round of funding from lke Lee, a venture partner of Ingition Partners and Ruderman Capital in 2007. It plans to become a VAS provider for media companies and is set to launch Ad Axis, a contextual advertising platform for mobile phones, in India and US in October. The 72 member strong company reported revenues of Rs 5 crore for the 2007-08 fiscal and projects Rs 18 crore for the current year.