AIM-quoted Mobile Streams (LON:MOS) is hoping to ride on the back of a growing smartphone market in India to roll out its apps and games for mobile devices in coming months.
And the scale of the opportunity in the country "dwarfs" other markets the mobile content specialist has experienced up to now, chief executive Simon Buckingham explained to Proactive.
He revealed how the Indian market caught his eye with the arrival of Google's Android One around 18 months ago - a very cheap device aimed at growing smartphone penetration to up to 70% from around 20%.
"Over the course of the next 24 to 36 months about half a billion indian subscribers will get their hands on their first smartphone (most still have the old style feature phones), most of which will be Android One type devices and we are looking to provide our apps and games to that audience," said Buckingham.
In India, there are eight cell phone carriers, the largest of which has 250mln subscribers - even the smallest has 150mln.
So, as Buckingham highlighted, even the smallest operator there has a subscriber base greater than, say, the UK or Argentine market.
What's more, he explained, these Indian operators have just spent around US$18bn on new spectrum auctions (the type also seen here in the UK), to be issued with 4G licences and therefore have greater data capacity.
Therefore, the operators are now looking to companies like Mobile Streams to come along and offer services.
"All of the foundations are in place. Everything is there and set up for us. It's a question of us being able to excecute and get our services live and up and running," said the company boss.
The firm is now in the process of establishing an Indian subsidiary, precisely so it can strike billing agreeeents with the providers.
It then hopes to launch new services by the end of its 2015 year (June 30), putting it firmly on the path to revenues.
Buckingham's team has also worked hard to source content, including cricket games, universally a poular sport in India, over the last 12 months. And this content needs to be hosted locally.
Mobile Streams is now 15 years old, with the story having highs and lows. Even a cursory glance at Mobile's share price chart clearly shows the downward spiral in recent months, with shares plunging around 90% since the end of January, 2014 to where they stand today at 5.5p.
That coincided with the sudden devaluation of the peso in Argentina - the group's main market.
Argentina revenues slumped 12% to 288mln Pesos for the nine months to March 2015 compared to 324mln in 2014, while revenues were down around 35%, but last week's trading statement showed it was stabilising the Argentine business as well as reducing costs there.
It is still a "very tough" operating environment in Argentina, said Buckingham, but added there were no plans to pull out of the country, highlighting the group had made over £100mln in revenue since it launched in the South American country.
The stated strategy to diversify away from Argentina into other emerging markets, like Brazil, India and Nigera is showing postive signs, though Buckingham points out it is far too early to talk of a turnaround.
Success has been seen in Brazil where, the firm has increased its subscriber base to 50,000 compared to 35,000 only two months ago in March.
It is also bidding to secure billing connectivity in Nigeria so that it can launch services in that large market too.
"The company remains excited by the opportunities it has in all its emerging markets from Latin America to India to Africa," the firm told a quarterly trading statement last week.
The group expects underlying earnings in 2015 to meet market expectaions.
House broker N+1 Singer said recently: "Whilst revenues are being impacted by saturation in MOS’s largest market, Argentina, cost efficiencies are keeping the company on track to meet our full year EBITDA expectation of £0.7m."
The broker added that further progress was being made in developing the business in other markets and launches in calendar H2 should help 2016 growth.
"MOS trades at a discount to cash, arguably highlighting deep value," it said.