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For Mobile VAS Game Changers. Announcing One97 Mobility Fund

25 June 2010 by Vijay Shekhar

I remember when in 2001 I got my first customer for One97 and how few months away I was blown away by cash flow problems. My customer liked what we offered and delivered but the payment was not as prompt as I thought so. I did some Internet consultancy, made few websites/e-learning lessons for side revenues.

One97 Mobility Fund

This cycle went on and soon when we thought of offering new services was important, there was significant cash crunch. I was shy enough not to be in Delhi’s Entrepreneur/VC circle and seeing no other avenue, I took loans. Loans from all those who could lend, my friends, my family, my family friends. Without any credit history banks were not there for any debt funding so these loans came at all costs including the biggest being the costliest (as high as 24% ROI) . And now I was cash crunched and had additional burden to service loan.

I loved the business, liked the opportunity and absolutely didn’t want to give up for some such constraints, yet. Finally I got some respite and had my angel investor. An investor who will let me work for him and pay back additional money and later help with investing critical lifesaving capital. I find myself absolutely lucky to have that junction in my life. I am sure I would have been doing something somewhere else if that small but so critical investment did not come. I remember him saying: “I do not know what business you are doing, but excitement and conviction in your eyes makes me think, it must be something worthwhile to invest.”

One97 today is journey  of such conviction and faith put in by investors and colleagues alike. I thought about doing our bit as company  and support those who dare to come out of luxuries of life and commit to their long lingering dream of creating a great start up, creating a worthwhile business out of their passion.

I found echo of planning in Ravi Adusumali of SAIF Partners & Ash Lilani of Silicon Valley Bank. A few days back we signed an mou for creating an $100M early stage mobile value added services investment initiative : One97 Mobility Fund.

Beyond capital investment from USD500k to $5Million, we will offer the One97 capabilities/networks advantages, telecom know-how, go to market, hands on helps on every day business issues like hiring, cash flow management, fund raising and so on.

If your company provides services/offerings to consumers or enterprise via mobile and you are planning to raise capital, I am sure we must talk. I am available on vss@one97.net

See www.One97MobilityFund.com for more.

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