Mumbai Angels 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.
Company offerings include
- Mobicop – comprehensive mobile security software that protects and tracks your mobile phone in case of loss or theft. This is a hidden application, that can only be called up by you using a password. In addition to tracking your phone,
- Mobicopy – the app allows you to backup your contacts via SMS to an online server. These contacts can then be retrieved easily in case your phonebook is lost. It eliminates the need for periodic backups on a computer.
- MobiSecret – is a Security Software that protects your Mobile phone data. This application allows you to HIDE and UNHIDE personal data on your phone and secure the data from being misused.
- Talk007 lets you record voice memos or phone calls anytime by simply pressing hotkeys of your choice. It can also record phone calls automatically. You can browse, label, delete and transfer all recorded memos and phone calls with ease.
Onward’s apps are available in more than 3500+ retail outlets in India alone in last 3 months of their pan India expansion. From Mumbai Angels, Vikas Choudhuri and Vivek Nathwani have joined the Board of Onward Mobility, while Rajiv Dadlani will be a Board Observer.
I am not sure what exactly has been invested in here… These kind of applications are available a dime a dozen.. Also, these applications (except backup) work only on some select smartphones.
I think the investment has happened because they have a unique business model, selling of mobile applications through retail outlets makes lot of sense as it has the power to reach the customer directly. As for their applications, i think they are also quite unique.
Pingback: Simon Cowell’s Planning “Surreal” Wedding | Wedding Planning Guides and Tips
@dkhare etc – I am not sure where you heard positive things about Mumbai Angels’ portfolio. That’s however not the point here.
Although I hate anonymous comments, the first comment kinda nailed it. I would tread cautiously to invest in mobile “applications” which are right in the crosshairs of mobile manufacturers themselves. Once they get into the game – these guys are roadkill. And as the commenter says, there are many apps like this which are a dime a dozen.
Lastly – on a positive note – I think OM has a good team of people with a good vision. I am sure their portfolio of products holds a lot more promise than some other “followers” i have seen. However the crux is in the execution and strategy correction at right times – I hope they are not too influenced by the new board members in that.
It is always good to get funded, atleast VC believes in team+dream.
Business is not about innovation, its about getting money+profit. On the same note of innovation, Mobile 4 Mumbai is rocking without any investment, but superb and fast execution.
PS : knowing raxit well, of m4mum so i may be biased, but the application like this has getting amazing buzz !
Hi Apurwa,
I agree. Funding is good verification of business and its potential.
Business might not be about innovation – but sustainable businesses typically course verify and adapt according to needs. Innovation is also very important for sustainable businesses and I wouldnt discount it as abruptly as you did.
Where do you work btw?
PP
with polaris
I have been charged on my ICICI Credit card for a transaction made to MObile applications which I have not done the Authrisation ID is 00002900. I would like to resolve this issue as I have made no suich trancaction at the earliest. The amt. is for Rs.513.09.
I think the investment in Mobile Apps is waste of capital. There are dozen of mobile apps in the market…..so many mobile apps company have shut down their operations….& their VC investors are crying now..i suggest VC firms should avoid investing in mobile apps….as the chances of fail is very very high…..
There are 2000+ mobile application of these types available in the indian market.There is no unique feature present in these mobile application….the pricing is on higher side…& these appl works on few handsets & not on all…this investment will be a waste.
selling through fmcg model is very difficult. Scalability is the main issue. Well qualified & experienced management is a must.
This is a very risky investment for angels……mobile apps market is highly unorganized.dozzen of apps are there….