"We are in advanced discussions with some US-based investors to raise about $30-100 million. The process is likely to be finalised in the next two months," Arvind Rao, CEO, OnMobile told PTI.
Besides Infosys, the company has several other venture fund investors including Agro Global Capital Partners.
With India emerging as a booming telecom and market, the raised money would be used to fund the company's future growth and expansion, he said refusing to divulge further details.
The company aims to cash in on burgeoning mobile industry in India, which is the world's fastest growing wireless market as well. Infosys, which seeded and funded OnMobile, currently holds 12-14 per cent stake in the software company, he said.
OnMobile has an annual revenue of about $50 million, he said, adding that the company expects a higher future growth in the country as the mobile entertainment industry here is expected to touch the five billion mark.
OnMobile provides integrated software to telecom service providers, media houses and corporates. Its solutions provide mobile based commerce using technologies like SMS, WAP and GPRS.
Several Indian telecom operators like Hutch, Airtel, Idea BSNL and Spice use OnMobile's solutions to provide value added services to the customers.