Taylor Wessing advises Promethean on Obopay investment
Taylor Wessing has advised private equity firm, Promethean Investments LLP, on its further investment, through its Promethean India Investments Fund 1, in privately owned mobile payment service provider, Obopay Inc.
This latest Series D funding comes on the back of Promethean's Series C round of funding completed in December 2007. California-based Obopay, which operates mobile payment technology that allows mobile phone users to make payments from their phones, will use the funding for the continued expansion of its business in predominantly both the U.S. and India, with Promethean India being a valuable ally in the Indian expansion.
Mark Davis, Head of Taylor Wessing's Private Equity Group, comments:
"We are very pleased to continue working for Promethean's interests in the UK, US and India. This investment is a good example of the continued financial and commercial support private equity institutions offer the companies they invest in. In this instance one of Promethean's investment principals, Gaurav Burman has been instrumental in providing the business with an "inside track" for key contacts and opportunities to develop within the Indian market."
The Taylor Wessing team advising Promethean comprised Mark Davis, Russell Van Praagh and Carlos Gil Rivas.
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For more information please contact Claire Treacy at Taylor Wessing:
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