VC-backed Boku buys India-based Qubecell


Boku said Thursday that it has acquired Qubecell. No financial terms were disclosed. Based in India, Qubecell is a provider of direct carrier billing. Boku, which is backed by Andreessen Horowitz, Benchmark Capital, DAG Ventures, Index Ventures, Khosla Ventures and NEA, is a carrier billing and cross-platform mobile payment company.

PRESS RELEASE

SAN FRANCISCO–(BUSINESS WIRE)–Boku, Inc., the global leader in carrier billing and cross-platform mobile payments, today announced the acquisition of India’s leader in direct carrier billing, Qubecell. The acquisition of Qubecell provides Boku with direct carrier billing connections with four of the largest carrier networks in India along with a number of key local merchant relationships. This enables Boku’s carrier billing technology to reach more than 75% of the country’s mobile subscribers, roughly 550 million users. The acquisition also makes Boku the largest provider of direct carrier billing in India, and greatly expands Boku’s footprint in Asia and the Middle East.
“India is a tremendously important market for direct carrier billing. What Qubecell has built and the market leadership position they’ve acquired in such a short period of time is extremely impressive,” said Jon Prideaux, Chief Business Officer for Boku. “This acquisition is truly the joining of a market leader with a global leader to benefit customers and merchants throughout the region. Our plan is to leverage the resources built by Qubecell to create a regional hub for our company’s global operation that will provide support for our merchant and carrier customers across Asia, the Middle East, and Australia while helping to continue our expansion into the emerging markets.”
The acquisition provides Boku merchant partners with direct access to the large and growing market of online consumers in India. The agreement includes the purchase of all shares in Qubecell. All of Qubecell’s employees will be joining the existing Boku organization with the Founder & CEO of Qubecell, Ranjan R. Reddy, joining as part of the leadership team in Asia.
“Boku is a company we’ve long admired at Qubecell and there is no greater compliment that can be given to our team than to be asked to join the global leader in carrier billing,” said Ranjan R. Reddy, CEO of Qubecell. “We have poured everything into building India’s first pure-play carrier billing provider and look forward to continuing our commitment to expanding mobile payments in India and the surrounding regions under the banner of Boku.”
About Boku
Boku, the leading operator billing and cross-platform mobile payments company, brings bank-grade payments technology and mobile users together, creating a trusted, accessible platform for consumers, merchants and operators alike. Based in San Francisco with offices in Europe, Latin America, and Asia, Boku reaches nearly 4 billion consumers worldwide, across 70 different countries with more than 270 operators. Leading Silicon Valley entrepreneurs and venture capitalists fund Boku including Andreessen Horowitz, Benchmark Capital, DAG Ventures, Index Ventures, Khosla Ventures, and NEA.
For more information visit: www.boku.com