Promethean India invests $1 mn in US firm

London: Promethean India, listed on the Alternative Investment Market, said it has invested $1 million (around Rs 4.15 crore) during a fresh round of funding in US-based Obopay, in which India's Essar Communications Holdings has a strategic stake.

Promethean invested through its Mauritius-based subsidiary Promethean Indian Investments Fund 1 on April 24.

Promethean is an investment company that focuses on businesses that are established or operating in India, while Obapay operates technology that allows users to make payments from their mobile phones.

'The current round of financing for up to $45 million was heavily oversubscribed by Obopay's existing investors. This round of funding was completed at 2.7 times the valuation of the previous rounds,' the firm said in a regulatory filing.