January 4, 2018 / 2:24 PM / a year ago

U.S.-based Mojo Networks eyes IPO in about two years

(Reuters) - Wi-Fi equipment maker Mojo Networks is eyeing a stock market listing in about two years and expects annual sales to hit $100 million by then, the company’s co-founder Pravin Bhagwat said.

Mojo, which provides cloud-powered Wi-Fi services, counts fast-food chain KFC, handbag maker Kate Spade & Co and India’s newest telecom provider Reliance Jio Infocomm as some of its top customers.

“We are at the stage where we are trying to cross the $100 million sales mark and once we get there, we will very seriously look into (an IPO),” Bhagwat said.

“I think probably in two years time we have a very good shot at getting there.”

Mountain View, California-based Mojo will look to list on the Nasdaq, Bhagwat said.

The company has so far raised about $70 million from investors including Morgan Stanley and various venture capital firms, according to data from investor-tracking website Crunchbase. Mojo raised about $30 million in a series E funding February.

The company got a major boost when it set up thousands of Wi-Fi hot spots for Reliance Jio over the past year.

Reporting by Rahul B in Bengaluru; Editing by Saumyadeb Chakrabarty

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