Singapore-based mobile content service provider Novosol is looking to clock revenues of Rs 500 crore over the next five years from its mobile advertising and publishing business.
"These are very early days in the business and our projection for the growth in India is up to Rs 2,400 crore in the next five years. We are targeting Rs 500 crore of this pie," Novosol Co-founder and CEO Minhaz Lokhandwala told PTI.
He added that his company has earmarked up to 100 million Singapore dollars (SGD) for business expansion in Asia, most of which will be expended in India.
"We have plans to invest between SGD 50-100 million for the entire Asia and since India is an important part of the continent, it will get the substantial share," Lokhandwala said.
The investment will be mainly aimed at enhancing content and building business alliances.
"Our first objective is to extend our reach to major Indian subscribers. This means putting in place agreements with operators, building relationships, promoting and engaging the subscribers," Lokhandwala said.
He added that Novosol is working to expand the content of its mobile sports publication business and is in the process of including coverage of tennis and golf, apart from cricket and football matches.
"A new movies and entertainment WAP service will be launched around the year end. We will also be supporting Hindi, Tamil, Bengali, Gujarati, Marathi and Punjabi editions," Lokhandwala said.
The company earns revenues from subscription to content it provides on mobiles and advertisements on its mobile publication. It provides content through MMS, WAP, voice and SMS.
"In advertising, we have a wide range that offers from display, per click, per response and many more. It is a very rich model and is more cost-effective for the advertiser. We are largely talking about multimedia advertising which includes graphics, high quality videos and photos," Lokhandwala said.
The company has been doing business in India for the past nine months. Lokhandwala said Novosol has launched a mobile sports magazine with Airtel and Reliance Communications.
