OnMobile Sells 9.16% Stake In Ver Se
2011-05-03Bangalore-based VAS company OnMobile has recorded a year-on-year net profit of Rs 89.2 crore on revenues of Rs 537.2 crore for the fiscal year 2011.
OnMobile offers various mobile products on SMS, Voice, Video, WAP, Web, USSD and On-Device Portals. The company's EBITA for FY2011 rose 45 per cent to Rs 120.6 crore from Rs 83.1 crore in fiscal 2010. Its earnings per share (EPS) rose from Rs 7.2 to Rs 14.8.
A significant portion of the net profit and EPS stemmed from the sale of stake in Ver se Innovation Pvt Ltd, a mobile classifieds company that OnMobile incubated in 2007. OnMobile has sold 9.16 per cent stake and now holds 17.84 stake in Ver se. Details of the deal were not disclosed.
Ver se first received Rs 5.5 crore from OnMobile (which acquired 51 per cent stake in the company) in 2007 and raised Rs 20 crore from Matrix Partners in 2009. In October, OnMobile owned 27 per cent stake in the company.
Ver se launched mobile classifieds solutions for telcos such as Jobs On Mobile which was offered by Airtel. It then launched other products related to m-commerce, web, telecom, data commerce and e-commerce.
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