Mumbai: Tata Capital Innovations Fund (TCIF), a private equity fund managed by Tata Capital, has invested around $5 million in Alef Mobitech Solutions.For latest news on Business & Budget 2017, like us on Facebook and follow us on Twitter.
The investment by TCIF will help Alef Mobitech Solutions strengthen its business development, marketing, research and development initiatives to establish a leadership position in the mobile internet space, TCIF said in a statement.
Alef Mobitech Solutions is a fully owned subsidiary of US-based Alef Mobitech.
"The consumption of data in general and videos in particular is increasing exponentially. While smart phones have become ubiquitous, the current mobile technologies available are unable to handle the enormous growth in mobile data," Tata Capital Innovations Fund Partner Vineet Chadha said.
"Alef's solution enhances customer experience on mobile networks by providing rich, high quality mobile content along
with superior quality interactions. The Fund liked the strong product domain knowledge of the team and is pleased to participate in Alef Mobitech's growth journey," he added.
Alef Mobitech, which has offices in New Jersey, Mumbai and Pune, has pioneered a mobility-cloud interconnect platform and solution suite which enhances user engagement by increasing relevance and responsiveness of mobile internet applications.
"Alef is committed and driven to create an enabling ecosystem to bring about transformative changes, and poised to significantly impact the trillion dollar mobile internet market.
"The Fund's leadership, global vision, and focus on innovation will provide us tremendous momentum towards acquiring a leadership position in the mobile internet space," Alef Mobitech Founder Ganesh Sundaram said.