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