Essar Communications Holdings, the telecom subsidiary of the Ruias-controlled Essar group, has acquired a strategic stake in US-based mobile payment solutions provider Obopay. However, neither the financial terms nor the percentage of stake acquired were disclosed.

“We are excited with our investment in Obopay. The company has introduced significant mobile payment innovations in US and in India. We look forward to working with Obopay to integrate mobile phones in the lives of consumers,” K B Rajendran, senior V-P (business development), Essar Global, said.

Rajendran has been elected to Obopay’s board. The other new member to join the board is Robert G Hottensen, senior V-P, public equity, Olayan America Corporation. Obopay recently closed its fourth round of venture funding, raising $20 million.

Apart from Essar group, the other investors were Alliance Bernstein, Onset Ventures, Redpoint Ventures, Richmond Management and Richmond Global Cellular, Citi, Société Générale, Qualcomm, and Promethean.

Source: BS