Mobile and digital entertainment company Mobile2Win (M2W) has entered into a merger agreement (through share-swap) with Altruist Group, a voiceand web-based value-added services (VAS) provider. Post-merger, M2W, co-founded by Rajiv Hiranandani in 1998, will become part of the Chandigarh-based Altruist Group.
M2W’s investors include Norwest Venture Partners, Nexus India, Softbank China and Silicon Valley Bank, while Altruist was cofounded by Dheeraj and Anuj Aggarwal. Investors in M2W will get shares in Altruist and vice versa. With this consolidation, the group’s turnover will exceed Rs 2 billion. Jointly, the companies expect to close 2008-09 with around Rs 3.5 billion in revenue.
