Mobility has given new dimensions to the way commerce works. The entire domain of doing business via mobile devices and technologies has been classified as M-commerce. All over the world various stakeholder organisations are consistently probing into the areas where M-commerce can be exploited and can generate revenue or value for them. Simultaneously these initiatives are making the business environment more complex and uncertain. The importance of efficient business models for mobile commerce is increasing with the growth in innovations. This research aims at developing viable business models which can help in improving the processes and results linked to M-commerce activities. First this research will probe into essential components of business models and then evaluate how each of these components aligns with M-commerce by looking at various cases.