Essar acquires stake in Obopay

Shortly after closing a $20 million fourth round of venture capital funding, Obopay has announced that India telecom Essar has acquired a strategic stake in the company for an undisclosed amount.

"Obopay has introduced significant mobile payment innovations in the U.S. 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 Senior Vice-President (Business Development) K.B. Rajendran said in a statement. Rajendran joined the Obopay board of directors as part of the deal.

For more on the deal:
- read this article from Economic Times