Mobile2win India, a leading mobile VAS company in the SMS and mobile marketing space has decided to join The Altruist Group, a leader in wireless voice services, to create a new powerhouse in the Indian mobile VAS industry. Altruist Group currently has two companies, Altruist Technologies which operates the leading Mobile Social Networking Service and JobsOnPhone, a phone based recruitment service provider.
Dheeraj Aggarwal, the co-founder of Altruist said "We are extremely excited to join hands with Mobile2win, a pioneer in the SMS and the mobile marketing industry. M2W not only brings along a robust business model and strong relationships but also an excellent management team, who have worked in blue chip companies. Together, we aim to offer the most comprehensive portfolio of products and services including Voice, SMS, WAP, ODP and Location, which will drive our growth to become one of the top 3 companies in the Indian mobile VAS space."
With this consolidation, the Group turnover will exceed Rs 200 Crores (~USD 40 mn) this fiscal While the companies will continue to operate independently, they will take advantage of their complementary Voice, SMS, WAP solutions and offer it to all the leading mobile operators, media companies and brands. This will likely contribute to over 20 percent of the domestic VAS market in the next fiscal by cross selling their products and platforms across a wider client base. Altruist currently runs a Mobile Social Networking service having an engaged subscriber base of over 6 million paid users contributing more than 50 million minutes every month making it the biggest mobile centric community not just in India but across the world.
As part of this transaction, the existing investors in Mobile2win will get shares in the Altruist Group. Rajat Jain, who is currently the MD and CEO of Mobile2Win will now hold the position of Chairman & MD of M2W and will also join the Altruist Group board. The advisers on this transaction were Avendus Capital.
"In Altruist we see a strong mobile VAS entity, who shares our vision to make a paradigm shift in the way consumer VAS services are created and delivered in this market. We have complementary strengths and skills across the mobile ecosystem. This consolidation will deliver at least a 40% incremental value to both companies' shareholders" said Rajat Jain, CMD of Mobile2win.
India is the fastest growing mobile market in the world and Indian consumers are now ready and eager to consume a wide spectrum of services on their mobile phones, and voice is the best medium for delivering these in vernacular languages. VAS in this context can now be aptly redefined as "Very Appropriate Services".
Altruist - M2W combine would be a VAS powerhouse leveraging the entire spectrum of technology, the reach of over 20 media tie-ups across print, TV, radio and digital mediums, combined with the experience of working with more than 150 of the world's leading brands like Coca Cola, Standard Chartered, Amex, Whirlpool, PizzaHut etc.
The companies will operate out of their current headquarters in Mumbai and Chandigarh respectively. It will employ over 500 employees across 13 company offices in India with onsite presence in all telecom circles, to be close to their valued telecom clients.
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