Mobile value added services (VAS) company ValueFirst Messaging has raised $6 million(Rs 30 crore) from the US-based venture capital firm New Enterprise Associates (NEA) to fund its expansion plans. ValueFirst, which currently offers SMS-based services, is planning to introduce internet and voice based services for the mobile platform in
India.
The quantum of stake picked by NEA in the Gurgaon-based company was not disclosed. “We have been in the business for five years and expanding rapidly. The funds will help us scale up our operations across India and abroad and recruit new heads,” said ValueFirst CEO Vishwadeep Bajaj.
The firm plans to double its workforce to around 390 by the end of next fiscal and enhance its presence in 35 cities in India. It also plans to foray into other countries in East Africa and Middle East in the next few months.
Source: Economic Times