Nokia to acquire Obopay
2010-12-10After years of collaboration with mobile payment solutions provider Obopay, mobile phone maker Nokia is in the process of acquiring Obopay India. In March 2009, Nokia acquired 38% stake in California-based Obopay for an undisclosed amount which global media reports pegged at $70 million.
Obopay entered India in January 2008 and has two offices in Bangalore and Mumbai. The firm used the earlier funding from Nokia to further its technology development and add new services. Inside sources at Obopay have confirmed to VCCircle that the deal between Nokia and Obopay India is in process.
"We run an independent operation across the country, have our own operations in four countries and are taking it to more now. Nokia is our partner," Obopay's spokeserson told VCCircle. On a pointed question if Nokia was taking over Obopay India operations, he refused to comment.
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