MUMBAI: Mobile2win India has joined wireless voice services company The Altruist Group for mobile VAS (value added services).
Altruist Group currently has two companies – Altruist Technologies which operates the Mobile Social Networking Service and JobsOnPhone, a phone based recruitment service provider.
Altruist co-founder Dheeraj Aggarwal said, "Mobile2win not only brings along a robust business model and strong relationships but also an excellent management team, who have worked in blue chip companies. Together, we aim to offer the most comprehensive portfolio of products and services including Voice, SMS, WAP, ODP and Location, which will drive our growth to become one of the top 3 companies in the Indian mobile VAS space."
With this consolidation, the group expects its turnover to exceed Rs 2 billion (Rs 200 crores) this fiscal. While the companies will continue to operate independently, they will take advantage of their complementary Voice, SMS, WAP solutions and offer it to all the leading mobile operators, media companies and brands. This will likely contribute to over 20 percent of the domestic VAS market in the next fiscal by cross selling their products and platforms across a wider client base.
As part of this transaction, the existing investors in Mobile2win will get shares in the Altruist Group. Mobile2Win current MD and CEO Rajat Jain, will now hold the position of chairman and managing director of M2W and will also join the Altruist Group board. The advisers on this transaction were Avendus Capital.
"In Altruist we see a strong mobile VAS entity, who shares our vision to make a paradigm shift in the way consumer VAS services are created and delivered in this market. We have complementary strengths and skills across the mobile ecosystem. This consolidation will deliver at least a 40% incremental value to both companies’ shareholders," said Jain.