One97 Mobility Fund, the corporate venturing unit of the eponymous India-based mobile group, has made its second exit by selling its stake in Singapore-based mobile social gaming platform TheMobileGamer (TMG). The deal involves stake sale by existing shareholders of TMG and a fresh issue of shares to local telecom firm SingTel and Japan’s Softbank, after which each will hold 41.08%. SingTel said it was acquiring 35.5% from existing shareholders for S$1.8m ($1.5m) and subscribing 11.48 million series B preferred shares for S$0.107 per unit, aggregating to S$1.23m. SingTel is buying the stake through its wholly owned subsidiary SingTel Idea Factory. It also added that Softbank would purchase the shares under a similar agreement. In 2010, TMG raised S$500,000 from Innosight Ventures and followed it up with S$1m in a second round funding from One97 Mobility Fund in 2011.
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One97 exits TheMobileGamer
Jan 16, 2013 • Global Corporate Venturing
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