However, neither the financial terms nor the percentage of stake acquired were disclosed.
"We are excited with our investment in Obopay, which gives us an opportunity to be involved in this promising business segment. Obopay has introduced significant mobile payment innovations in the US and recently in India as well. We look forward to working with Obopay to build upon the integration of the mobile phone into the lives of consumers worldwide," Essar Global Senior Vice President (Business Development) K B Rajendran said.
Rajendran has been elected to Obopay's board, while the other new member to join the board is Robert G. Hottensen, senior vice president for Public Equity at Olayan America Corporation.
Obopay has recently closed its fourth round of venture funding, raising $20 million. Apart from Essar group, Alliance Bernstein, Onset Ventures, Redpoint Ventures, Richmond Management and Richmond Global Cellular, Citi, Soci