(14 September 2007 3:00 pm)

MUMBAI: Network18 has become a strategic-cum-financial investor in MobileNXT Tele-services which is a mobile retail chain.

Avendus Advisors was the sole investment banker and advisor to MobileNXT for the transaction.

The funds will be used for the company's next phase of expansion. MobileNXT plans to roll out 100 stores in multiple formats across different cities in India with a strong focus on tier II, tier III cities in the next 12 months.

Over the next three years, its plan is to have 500 stores on the ground, towards achieving its vision of being a pan-India chain.

Commenting on the tie-up Network18 group COO B Sai Kumar said, "We are very happy with this partnership since we believe that with MobileNXT sound business strategies combined with our group's business building skills, understanding of the media landscape and synergies will ensure that MobileNXT is a significant player in the fast growing mobile telephony market."

MobileNXT CEO and co-founder Vijay Menon said, "Our association with Network18 group will help us offer for an international consumer experience. It will assist us to strengthen our portfolio, catering to all segments. We will ensure our growth through a very strong Franchisee program which will be in all the tier II and tier III cities."

MobileNXT COO Romy Juneja said, "We are pleased to join hands with the Network18 group, this is the first of its kind deal between a media power house and mobile retail chain. This association will benefit all our clientele and also provide value based consumer experience to this expanding market."

MobileNXT which commenced its operation with their first store in April 2006 has embarked into business concepts, stand alone stores, store-in stores, virtual stores and franchise model. They have already launched their franchisee programme for entrepreneurs to participate in the fast growing telecom sector.