According to sources, OnMobile Global has sold 8% of its 35% stake in VerSe Innovation for about Rs.10 crore.
VerSe Innovation has raised Rs.20 crore from Matrix Partners, last year.
According to the report, during the company's earnings conference call, Arvind Rao, CEO, OnMobile, quoted, "We are not a VC or a private equity investor. We have done our bit by incubating it. We have satisfied the operator with this new vertical, and it is now our time to recover our capital and exit."
On OnMobile's acquisition of Dilithium Networks, the company said, the deal would enable it to deploy the latter's leadership technology in the rapidly-expanding mobile video solutions space.
It will leverage OnMobile's 2G and 2.5G VAS platforms embedded into the world's leading telecom operators, and accelerate its launch of 3G VAS services, the report said. The company has stepped up its investments in new businesses, mainly in LatAm and by way of Dilithium asset acquisition.
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