Microsoft Corporation has acquired a 35% equity stake in mobile-integrated platform provider, Oxigen Services India. Oxigen is an electronic recharge and prepaid distribution brand.
By partnering with Microsoft, Oxigen expects to expand its business rapidly in the virtual payments and distribution space using Microsoft’s web and mobile-based technologies, as well as getting access to Microsoft’s advertising services, especially digital advertising. Microsoft will add strategic value to Oxigen’s business.
"Through this partnership Microsoft will help us to scale up our services and technology by providing back-end software services. Therefore, Microsoft services, products and application will be available on the Oxigen platform," explains Pramod Saxena, chairman and managing director, Oxigen Group.
Further, the company will collaborate on a preferred partnership basis with Microsoft to drive services and products in developing economies and exploring new business opportunities within and outside the country.
Last year, Oxigen reported revenues amounting to $150 million, which is expected to touch $180 million this year.
"With our partnership with Microsoft, we expect revenues to increase over three fold in the coming years," adds Saxena.
Oxigen currently has a pan India retail network of approximately 50,000 touchpoints, which it intends to grow to 2,50,000 by 2010.
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