Bangalore-based mobile VAS provider TeleDNA Communications Private Limited said it has successfully raked $10 million in venture capital funds, to beef up its sales and finance its services abroad.

In the process, Mauritius-based institutional investment agency, Peepul Capital LLC has chipped in, enticed by the company’s customer-base and MVAS (mobile value added services) opportunities offered by the Indian and global markets.

“We are very pleased to be associated with Peepul Capital and its team as it brings key strategic value in our quest to become a world class MVAS Technology Company with a global footprint. We will be utilizing the funds to create sustained, mission critical, mass market revenue generating VAS applications bundled with our matured VAS infrastructure products to any mobile telecom company and large enterprise,” said Mr. Praveen Nallapothula, Managing Director and CEO TeleDNA.

Commenting on the funding, Mr. Vipul Parekh of Peepul Capital said, “The investment is in line with Peepul’s belief in the growth in India’s telecom sector and TeleDNA’s commitment and ability to deliver state of the art VAS products and services. With Peepul’s investment, the company will be poised to take full advantage of the significantly large telecom VAS market both in India and abroad.” 

Furthermore, the company has expressed its plans of dwelling into Managed Services/MVNO offerings with technologies like MMS and CellBroadCast, where operators have not made any significant revenues so far.