Mobile Internet company One97 has acquired MobiVite, a mobile marketing platform which helps brands and businesses to create mobile websites and campaigns. The details of the deal were not disclosed but the company said that it will launch do-it-yourself service for merchants to be able to quickly go mobile.

MobiVite is one of the vendors chosen by Google’s “Let’s talk Mobile” program through which the search giant wants to take thousands of Indian small and medium businesses online.

The platform is owned by Delhi based technology startup Srishti TechNet, founded by Sanjay Goel, a National Institute of Fashion Technology graduate who had launched “Ethnic India,” a a fragrance brand. Ethnic India was sold to its competitor Ripple Fragrances.

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Delhi based One97 has been investing and acquiring small companies to cobble together a full services mobile Internet company. Last month, through its investment fund, the company invested in point of sale solutions company MobiSwipe. The Mumbai based company’s solution allows merchants to use Android mobile phones or tablets as Point of Sale (PoS) terminals with the capability to accept credit and debit card payments.

The Mobile Value Added Services market in India is expected to generate more than $10 billion in the next four years, according to a report. The 2011 report says that overall revenues from communications services will cross Rs 20,000 crore while total revenues from entertainment services would reach Rs 25,000 crore while Information services is pegged at Rs 7,900 crore.

A fast moving startup which is looking to disrupt the space is MobMe. The startup founded in 2006, is looking to raise funds through an Initial Public Offering at the National Stock Exchange’s SME exchange. Though smaller in size compared to One97, the company has been building muscle in payments and other areas. MobMe recently partnered with Dutch security leader Gemalto and Valimo Wireless Oy of Finland to roll out mobile digital signatures for secure logins and mobile transactions in India.

One97’s latest buy looks like a revenue sharing arrangement than an acquisition. Or is it just us? What do you think?

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