Calpian, a provider of mobile payments emerging-market operations, reports that it has been approved by the Finance Ministry of the Government of India through the Foreign Investment Promotion Board (FIPB) to own up to 74 percent of My Mobile Payments Ltd., which currently operates as Money-on-Mobile (NYSEARCA:MOM) in India.
The ownership provides another stepping stone for Calpian to further saturate the mobile-payment solutions market in India.
"The FIPB approval allows Calpian, Inc. to own a majority of Money-on-Mobile and eventually consolidate our financials, resulting in a clear picture to the market of Money-on-Mobile's growth in India," Calpian CEO Harold Montgomery stated in the news release. "We are excited about what the future holds for Calpian, as we are only just beginning to penetrate the broader market in India. The Money-on-Mobile team has executed their business plan brilliantly which has resulted in over 300 percent growth in the 20 months since we made our first investment there."
Money-on-Mobile Managing Director Shashank Joshi echoed Montgomery's sentiment.
"We are encouraged that the FIPB has approved this expansion of the Calpian/MOM partnership which has been so very successful to date. We look forward to the continuation of our growth through this investment partnership," said Joshi.
For more information, visit calpian.com
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