Mumbai Angels, India's leading group of angel investors, has invested in Onward Mobility, a mobile application applications and solutions company based out of Mumbai. Onward has launched its first set of products in the Indian consumer market under the brand name MOBI. Its apps are already getting tremendous response in the market. Onward's apps are available in more than 3500+ retail outlets in India alone in last 3 months of their pan India expansion. Onward Mobility is planning to expand their product offering with the current round of investments and planning to launch many more innovative mobile products in both the consumer and enterprise segment. While the specifics of the deal could not be established, it is reported to be the largest investment Mumbai Angels has made in the past.
Amit Grover, Mumbai Angels, commented on the occasion, "Onward Mobility's team strength and unique distribution strategy will enable more consumers to experience the mobile applications, which is currently limited by internet penetration. With more competition and increasing penetration, mobile applications market in particular is expected to grow over the next 4-5 years. Juniper Research has predicted a 25 billion USD market by 2013 alone. The overall market for Enterprise Mobility software and applications in Asia-Pacific alone is expected to grow at a CAGR of 34% from 2008 to 2012. This presents a huge opportunity for Onward as it is only company in India setting up a direct to consumer business model of retailing mobile applications where as most other mobile applications companies are looking at selling their products online channels like applications stores. From Mumbai Angels, Vikas Choudhuri and Vivek Nathwani have joined the Board of Onward Mobility, while Rajiv Dadlani will be a Board Observer."
“We are extremely happy to take investment from Mumbai Angels” said Arun Menon, CEO of Onward Mobility. “Mumbai Angels not only provides the financial resources but also extends strategic guidance, a vast network of contacts and experience to tap into. We welcome Mumbai Angels and are looking forward to a successful relationship. The group has successfully invested in the past in mobile domain, including InMobi and Apalya, and I am sure that experience will be a huge boost for our team."
About Mumbai Angels
Mumbai Angels, started in November 2006, is a unique forum of angel investors where its members interact and exchange ideas and knowledge. The Mumbai Angels provides a unique platform to start up and very early stage companies by bringing them face to face with successful entrepreneurs, professionals and executives who are interested in and have the funds available to invest in start up companies. Mumbai Angels has made over 20 investments in last 3 years, and some investee companies include mKhoj (now InMobi), Apalya Technologies, Speakwell, Myntra and Reverse Logistics Company.
About Onward Mobility
Onward Mobility Solution Pvt. Ltd. India is involved in the development and marketing of innovative mobile applications, solutions and mobility devices across India and the world markets. Onward Mobility focuses on developing cutting-edge, never-seen-before software for mobile phones. Software that transforms phones into something altogether different, giving them abilities they never had before. Onward has currently launched innovative utility mobile applications in the Indian retail market.