New Delhi, April 12, 2007: Delhi-based mobile value added services company One97 Communications has received Series A funding from SAIF Partners. Silicon Valley Bank has also participated in the current round with a minority contribution. One97 has many firsts to its credit, including India’s first short code sms service, 3030. With this investment, SAIF Partners has increased its India portfolio to more than ten companies, including National Stock exchange, IL&FS Investsmart, Makemytrip.com, TV18 Group, JustDial, and SlashSupport, amongst others.
Commenting on the announcement, Mr. Vibhor Mehra, Principal, SAIF Partners said: “One97 has an interesting transaction driven business model, backed by a very passionate founder.  We will be leveraging our relationships with VAS portfolio companies and telcos across the globe, particularly in China, to create a broader footprint for One97.â€
“We’re very excited that SAIF will be partnering us as we target to move to a higher growth trajectory.  With this investment, we are now well positioned to offer a broad range of integrated service offerings across voice and data platforms to global  telcos, corporate, as well as retail customers.†said Vijay Shekhar Sharma, founder and MD of One97 Communications.
Today, SAIF Partners has a significant portfolio in India with a dedicated local team that works closely with its portfolio companies to develop their business, seek synergistic cooperation among them, as well as enhance shareholder value via promotion of good corporate governance and best management practices.