Mumbai-based mobile advertising technology provider, Vserv has raised $11 million from US fund Maverick Capital Ventures with participation from existing investor, IDG Ventures. Including this round, the firm has secured a total capital of $18 million in 3 rounds. Previously, the company had raised $4 million in series B and $3 million in Series A round. The raised funding will be used by the company to expand further in India, Southeast Asia and other emerging markets by increasing its sales and distribution teams and improving its technology.
“Vserv is uniquely positioned to drive the mobile internet ecosystem in India and South East Asia through their data assets. We look forward to helping Vserv accelerate its growth further,” Matthew Kinsella, MD, Maverick Cap, said.
Co-founded by Dippak Khurana and Ashay Padwal in 2010, Vserv analyzes and integrates data from multiple sources including telecom operators, online and offline retailers among others, to deliver specific, targeted and real-time ads on the mobile platforms. The company has data profiles of over 120 million mobile internet users in India and over 500 million across all markets.
Vserv is directly competing with Google and Facebook for online ad spends, works with marketers and online publishers to provide advertisements to shoppers and then help place the ads on various sites and mobile platforms. Bengaluru-based InMobi is also included in the ad tech space.