Mobile app development and distribution company, AppsDaily has raised $16 million in Series C round led by Zodius Capital with participation from existing investors including Russian VC fund Ru-Net, IndoUS Venture Partners (now Kalaari Capital) and Qualcomm Ventures. The company aims to utilize the raised funds to expand its product offering, launch its digital platform, expand its retail distribution reach and make some key hires to strengthen its management team.
As per a VCCircle report, individual investors, who had backed the firm under the banner of Mumbai Angels, have partially exited with multiple returns in this round, but the names of those investors are still undisclosed.
Founded by siblings Arun Menon (CEO) and Ajay Menon (Director) in 2008, Mumbai-based AppsDaily develops and markets mobile applications across India and abroad. It is also focuses on developing and distributing software for mobile phones. The products are sold under the brand name ‘Daily’ like daily cop, daily protect, and daily complete security among others.
The firm has 3 million paid customers across 700 cities in 7,000 mobile stores. It claims to have grown 10x in revenues in the last 2 years and targets to end this financial year with net revenues of over Rs. 130 crore. The company will launch a first of its kind hybrid app platform targeted at the Indian smartphone customers as well as apps in the educations and healthcare segments.
In June 2014, London-based mobile app development platform, 5app had raised $5.1 million in Seed round of funding led by Beckman group. And, in February this year, California-based mobile A/B testing service Apptimize had raised $4 million in series A funding led by Costanoa Venture Capital, and brings Apptimize’s total funding to $6.1 million