Mahindra and Reliance Ports invest in US co.
Mahindra and Reliance Ports invest in US co. Mahindra and Mahindra and Mukesh Ambani-owned Reliance Ports and Terminals have funded a US-based company LocaModa, reports Business Line. LocaModa, a developer of location-based SMS service, raised USD 6.18 million in its first round of funding. The company’s solution enables interactivity between mobiles and out-of-home networks via the web. LocaModa is a privately held company, registered in Delaware and headquartered in Massachusetts. The company was founded by Stephen Randall, a former EVP and founder of Symbian. Shares of the company closed down Rs 7.95, or 1.12%, at Rs 699.4. The total volume of shares traded was 66,387 at BSE was 66,387. (Friday )
Shareholders include Mahindra & Mahindra, Reliance Ports and Terminals, and Dace Ventures.
>This is probably first such investment by Mahindra group and Reliance Ports & Terminals overseas.
