Delhi-based value added service provider One97 Communications is planning to raise $350 million from Asian private equity firms. The company intends to use the funds for deployment of advanced technology and expansion of back-end operations. The company intends to complete the fund raising process by end-2014.
The company intends to build mobile operations and a platform for aggregating courier companies to ensure deliveries to all 36,000 pin code zones in India. At present, the company caters to only 5,000-7,000 pin code areas in the country.
Meanwhile, the company also wants to expand its catalogue for its users while increasing the number of merchants to one million. Apart from improving back-end technology, the company intends to raise its head count by 1,000 to 1,400 by end-2014 and aims to increase its office space in Delhi and Bangalore.
One97’s moble wallet service, Paytm, allows users to pay for postpaid mobile, data-card and utility bills through their mobile phones.
