mCarbon raises VC fund from Canaan Partners

Delhi-based mobile value added services company mCarbon has raised an undisclosed amount of venture capital funding from Canaan Partners. mCarbon plans to use the fund to accelerate its growth and innovative product offerings.

According to Canaan Partners, mCarbon is redefining the VAS space in India by innovating products that will create a pull for VAS in the minds of the end users, pioneering a shift from the push to the pull strategy for operators.

Rajesh Razdan, co-founder and director, mCarbon, has said, “It is our intention to offer product roadmap and service deployment model that will add value to the user experience, creating the much awaited pull (user need) for VAS services in India.”

“mCarbon has demonstrated the ability to innovate and provide solutions to enhance operators’ VAS service delivery,” Harish Gandhi, executive director, Canaan Partners India, has said. “mCarbon’s solutions allow consumers to decide how he or she would like to interact with operator services, thereby creating increased levels of consumer satisfaction.”

According to IAMAI and IMRB, the Indian VAS market is expected to grow to over $3 billion by 2010. TRAI estimates that while only 10-14 per cent of the operator revenue currently comes from VAS, it is expected to cross 30 per cent in the next five years.