Argo Global Capital, Boston-based Venture Capital firm and largest investor in OnMobile may sell its stake in the company after CEO Arvind Rao quit on account of misappropriation of funds, reports CNBC TV 18's Kritika Saxena.
Argo Capital has appointed bankers to value OnMobile and is in talks with international telecom companies to sell the stake. Argo holds 35.22 percent stake in OnMobile, which provides value-added services for the mobile.
Argo will be the third investor to exit OnMobile after Goldman Sachs and Smallcap World sold shares in the company worth Rs 2 crore and Rs 15 crore, respectively.
OnMobile, however, has denied stake sale talks.