Vserv has announced that it has closed $3 million in Series A funding by IDG Ventures India.
The investment represents the first VC investment in mobile advertising in India since 2008 and is the first institutional investment into Vserv. As part of the investment, Manik Arora and Karan Mohla from IDG Ventures will be joining Vserv's Board of Directors.
Manik Arora, Founder & MD, IDG Ventures India, said, "While the mobile advertising industry is still relatively young, it is experiencing rapid growth driven by Mobile Internet growth and Mobile Apps growth. Within this, emerging markets are critical given their large and growing mobile phone installed bases - India alone has over 40 million Mobile Internet users and the largest market for J2ME App downloads. The global In-App advertising market will grow from US$900 million this year to roughly $5 billion in 2015, according to IDC. Having researched this dynamic market for the last year, we found Vserv taking a leadership role from India and starting to expand to emerging markets abroad. We look forward to partnering with co-founders Dippak Khurana and Ashay Padwal to help them achieve their vision for Vserv."
Dippak Khurana, Founder & CEO, Vserv, said, "We are excited to have partnered with IDG Ventures, given their strong reputation in Internet and Mobile in India, Asia and the US. With the funds, we plan to expand our sales and engineering teams to drive sales growth in India and internationally as well as further develop our monetization solutions for the global App developer community. Our unique App Ad-Wrapper technology for J2ME Apps has been well received by the global developer community as it can support over 500 phone models and allows both new and existing Apps to be Ad-Wrapped and monetized. With this funding, we will extend our offerings to Android Apps, which are increasingly becoming important in emerging markets."
See What’s Next in Tech With the Fast Forward Newsletter
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.