One97 Communications buys stake in Singapore’s LeapSky Wireless

NEW DELHI: Leading Indian value added services provider One97 Communications has bought into Singapore-based LeapSky Wireless by investing an undisclosed sum, a senior executive said on Monday.

The company’s chairman & managing director Vijay Shekhar Sharma confirmed the move but did not disclose the number of shares bought. “We are investing in a pre-revenue company working on a breakthrough product, solving a critical gap in mobile Internet services for roaming users,” he said.

Noida-based One97 Communications uses an interactive voice response system or voice, short message services, unstructured supplementary services data and wireless application protocol technology to deliver products and services for telecom operators.
While, Leapsky provides mobile broadband on 3G or wi-fi on global roaming offering affordable option for users and large revenue stream potential for telecom operators.

LeapSky’s product offering could add potential value to One97’s product portfolio as the latter plans to enter the capital markets this year.

The telecoms solutions provider’s initial public offering is estimated to be around Rs 120 crore. However, it has delayed the IPO for more than a year due to volatile market conditions.

Investors like Intel Capital, SAIF Partners and Silicon Valley Bank have invested in One97 Communications. SAIF Partners is reported to have infused $17 million across various rounds, expecting to make about five to eight times on its overall investment from the public listing.