One97 Communications, a mobile Internet marketing and commerce company, has garnered $10 million in a third-round of venture capital financing, The Wall Street Journal reports. The funding was provided by SAP Ventures, the corporate venture capital unit of the software-maker SAP. The fresh finance comes as the Noida-based company has cancelled its plans for an initial public offering because of the unstable markets, adds VC Circle. One97 will use the funds for platform expansion, research and development and technology expenditure in India as well as to expand operations in other emerging markets.
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