Cellebrum, the mobile VAS provider is investing close to Rs 50 crores into an incubation fund targetting companies into the mobile space. Lehman Brothers is also expected to invest $15 million in the company.
Dilip Modi said,
We have charted out a Rs 100-crore investment plan for Cellebrum’s expansion over the next 12-18 months. Of the total kitty of Rs 100 crore, around Rs 50 crore will be used to start an incubation fund. The incubation fund will be used to fund entrepreneurs who have business idea in the mobile VAS sector.
Does this mean an end to innovation at Cellebrum that it wants to fund and depend on innovation by other companies ?