PayMate Founder Ajay Adiseshann Invests In Mobile Advertiser Vserv
Ajay Adiseshann, founder and managing director of mobile payment company PayMate, has invested an undisclosed amount in Mumbai-based Vserv Digital Services Pvt Ltd for an undisclosed stake.
Adiseshann has been funding the company's capital requirements since December, 2009, thus providing a strong backing for the founders, Dippak Khurana and Ashay Padwal.
Vserv Digital provides mobile advertising services and helps advertise cell phone apps, mobile phone features and various types of promotion on mobile web. The company leverages an ecosystem that supports full-screen ad displays across 3500-plus apps, predominantly on J2ME and Android platforms. The firm has already worked with more than 50 noted brands.
While J2ME is a popular platform available on majority of Nokia cell phones and a huge range of feature phones, Android happens to be a fairly new platform which has witnessed an exponential growth in India and South-east Asia during 2011.
"Vserv has grown exponentially over the last 18 months in India and is now entering the APAC markets. Also, the founders of Vserv have had tremendous exposure in the digital space, prior to setting up the company, and they have an excellent execution track record. Vserv's unique technology gives it a clear edge," said Adiseshann.
The company is well-positioned to exploit the massive in-app advertising potential via its proprietary technology. Moreover, the company has already fine-tuned the product and made considerable inroads into the APAC market.
"With the global consumption of apps growing unabated, in-app advertising is now a viable revenue stream for application developers. India is one of the fastest growing places for apps, as well as mobile internet consumption. Therefore, mobile advertising is gradually growing in acceptance, both among advertisers and the mobile applications developers," added Adiseshann.