London: Promethean India, listed on the Alternative Investment Market, has invested $1mn during a fresh round of funding in US-based Obopay, in which Essar Communications Holdings has a strategic stake.

Promethean invested through its Mauritius-based subsidiary Promethean Indian Investments Fund 1 on April 24.

Promethean India is an investment company that focuses on businesses that are established or operating in India.

"The current round of financing for up to $45mn was heavily oversubscribed by Obopay's existing investors. This round of funding was completed at 2.7 times the valuation of the previous rounds in Promethean India and other investors participated," the firm said in a regulatory filing.

In April, Obopay, which operates a technology that allows users to make payments from their mobile phones, had said it got $20mn in a round of venture funding.

According to the statement issued by the American firm on April 24, Essar Communications Holdings Limited, the telecom subsidiary of Essar Global Limited, led the round of funding and current investors, including Citi and Promethean India had participated in the same.

Meanwhile, on April 28, Essar Communications Holdings said it has acquired a strategic stake in Obopay without disclosing any details. Consequent to the move, K B Rajendran, Senior Vice President - Business Development, Essar Global was elected to the Obopay Board of Directors.

"We are excited to invest in Obopay which gives us an opportunity to be involved in this promising business segment. Since its launch, Obopay has introduced significant mobile payments innovations in the US and recently in India too," Rajendran had said.
Source : PTI