Happy to share our investment in Cellcast Asia Holdings – Cellcast is in the business of participation content. They create interactive shows that run across TV, internet, radio and other media, and allow consumers to participate through SMS and IVR. The users pay to participate.

Quite of few mobile VAS investments have been in aggregation plays. It is my belief that in order to create sustained value, the business needs to be more than an intermediary – it needs to own at least either the content/application (a la T-Series), or the consumer relationship (a la 8888). Cellcast does both — it has a proprietary real time platform to enable participation content, develops its own shows on top of it, and owns the customer relationships. It still uses the telco for billing, but services a larger part of the value chain than most other players we have seen in VAS space.

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