9th May 2008 07:00
Promethean India PLC09 May 2008 For immediate release Promethean India Plc ("Promethean India") Promethean India Plc invests in Obopay Inc. ("Obopay") Promethean India Plc (AIM:PTHI) is pleased to announce a further investment inObopay of US $1,000,000, through a subscription on 24 April 2008 for a number ofpreferred "Series D" shares as part of a Series D funding round. The investmentis held through its Mauritian subsidiary, Promethean India Investments Fund 1("Fund 1"). Fund 1 has previously taken part in a 'Series C' round of funding inDecember 2007. The current round of financing for up to $45,000,000 was heavilyoversubscribed by Obopay's existing investors. This round of funding wascompleted at 2.7 times the valuation of the previous rounds in which PrometheanIndia and other investors participated. Essar Communications Holdings Limited("Essar"), a privately owned company in India with considerable knowledge andexpertise of the Indian telecommunications market was also a major subscriber. Obopay Inc is a privately owned company based in California which operatesmobile payment technology that allows mobile phone users to make payments fromtheir phones. Obopay's has been increasing its operations in both the US andIndia and Promethean India has been a valuable ally in expanding Obopay'sbusiness in India. Gaurav Burman, a partner of Promethean Investments LLP, the entity that managesPromethean India believes the investment from Essar will continue to strengthenObopay's business and growth in India. Fund 1's further investment representsits continued support for Obopay and the opportunity to take a greater part inits success. Enquiries: Gaurav Burman - Promethean Investments LLP +44 (0) 207 479 7660 Nandita Sahgal - Seymour Pierce +44 (0) 207 7107 8000 Mark Edwards - Buchanan Communications +44 (0) 207 466 5000 Notes to Editors Promethean India PLC Promethean India PLC, an investment company that focuses on businesses that areestablished or operating in India, was admitted to trading on the AlternativeInvestment Market ('AIM'), under the ticker symbol PTHI for the Ordinary Sharesand PTHW for the Warrants. The Company and its subsidiaries are advised by PrometheanInvestments LLP and by an Indian resident investmentadviser. Promethean Investments LLP Promethean Investments LLP is a specialist fund manager that focuses on activistprivate equity investing in both quoted and private UK and Indian businesses.Promethean aims to acquire an interest in public and private companies where itbelieves opportunities exist to create or unlock near-term value. It combinesactive management, financial leverage and flexibility to create bespoke dealstructures for quoted and unquoted companies. Promethean Investments LLP manages Promethean Plc, a £57 million AIM quotedprivate equity fund and also manages Promethean India Plc, a £50 million AIMquoted private equity fund that targets value and growth opportunities in India. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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