BWI: India's One97 invests in LeapSky Wireless of Singapore

Press release from Business Wire India
Source: One97 Communication Pvt. Ltd.
Wednesday, June 29, 2011 12:19 PM IST (06:49 AM GMT)
Editors: General: Consumer interest; Business: Banking & financial services, Business services, Financial Analyst, Information technology, Telecommunications; Technology
--------------------------------------------------
India's One97 invests in LeapSky Wireless of Singapore


New Delhi, Delhi, India, Wednesday, June 29, 2011 -- (Business Wire India) -- LeapSky Wireless (LEAPSKY), a Singapore based organization which provides easy-to-use 3G/Wifi based mobile data services using patent pending 'Identity Management' Technology, has closed a significant round of funding with One97 Communications Limited, a leading provider of telecom applications and services in emerging markets.

This latest round of financing will enable LEAPSKY to continue their superb work on a challenge faced by customers and telecom operator equally. Exuberant data usage costs and bigger consumption on today's smart devices end up giving extremely high data bill for users and they stop using roaming data completely. Leapsky's initial product converts local 3G to WiFi for global roamer making it simple and cost effective to use roaming mobile broadband services. Such product can create a great affordable option for users and a potentially large revenue stream for telecom operators. For details, go to www.leapskywireless.com.

Talking about the investment, Vijay Shekhar Sharma, Chairman and Managing Director of One97 Communications Limited said "I am so happy that we are investing in a pre-revenue company working on a breakthrough product. Siva and his team have tremendous passion and focus solving a critical gap in mobile internet services for roaming users."

Siva Sai N, founder of LEAPSKY said "Investment from One97 is very strategic and the market timing is just right for such a product. Operator relationships and experience of One97 are very key to our product launch and global growth. We look at One97 more as a partner than just an investor."

About One97 Communications Limited

One97 is India's the widest and largest deployed telecom application cloud platform. Thriving on innovation, One97 delivers mobile content, advertising and commerce services to millions of mobile consumers. Headquartered in New Delhi, One97 is more than 1,000 people strong team and backed by marquee investors like Intel Capital, SAIF Partners and Silicon Valley Bank. For more information, go to www.one97.com

About LeapSky Wireless Pte Ltd

LEAPSKY deploys patent-pending 'identity management' technology for secure convergent Mobile Broadband access. They were incubated at Singapore Management University Institute for Innovation and Entrepreneurship and have started to commercialize their service with a Singapore government 'Spring TECS-POV' grant and seed stage funding. For more information on leapsky, go to www.leapskywireless.com.


CONTACT DETAILS
Hema Chockalingam, One97 Communication Pvt. Ltd., +91 9810780797, Hema.chockalingam@one97.net

KEYWORDS
CONSUMER, BANKING, BUSINESS SERVICES, Financial Analyst, IT, TELECOMMUNICATIONS, TECHNOLOGY

If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.

Submit your press release at http://www.businesswireindia.com