VAS player One97 Communications announced a fresh round of investment from Intel Capital and Silicon Valley Bank (SVB). SVB is already an investment partner of One97 and has now infused fresh funds into the firm.

“The fresh round of funding is in the region of $10-15 million,” said Vijay Shekhar Sharma, MD of One97.”Intel’s investment endorses our plans to continue the disruptive innovation in telecom application space. We will invest in focused market segments and opportunities. The fund will help accelerate our growth both organically and inorganically,” he added.

While One97 had last year stated that it was on the lookout for raising funds valuing $ 25 million, the MD reasoned that the fresh funds will address the financial needs of its immediate business plans. He said that large part of the earlier expected funds was primarily for acquisitions and since the company has not identified a potential opportunity for acquisition, the new funds suits its current business purpose.

The MD also stated that the firm does not has any plans to list on the stock exchanges atleast for the next 18-24 months. He also added that the company’s focus will remain to be India for the next few months as it foresees a tremendous potential in the Indian VAS space.

“Our latest investments in One97 Communications, Indiamart.com and GTT corroborate our continued interest to develop the country further through support of novel and exciting business models,” said Sudheer Kuppan, Intel Capital Managing Director for India, Australasia and South-East Asia. The company has collectively invested $ 23 million in the three firms.

With the fresh funds, One97 plans to invest in increasing headcount from the current 600 odd strength to 1000 by the end of this calendar year and aims to achieve revenues of $100 million by 2010. It will also enhance its R&D capabilities in area of next generation wireless networks.

The company had earlier received funding from SAIF and SVB in 2007. Fur the current fund raising exercise, Avendus Capital served up as financial partner.