Exclusive: AppsDaily gets $2 mn in bridge round from Kalaari, others
Mobile app development and distribution company AppsDaily Solutions Pvt. Ltd has raised $2 million (around Rs 13.5 crore) in a bridge round of funding, regulatory filings show.
The Mumbai-based company received funding from existing investors Kalaari Capital, Qualcomm Ventures, Russian venture capital fund ru-Net and Zodius Technology Opportunities Fund, shows information available with VCCEdge, the data research platform of VCCircle, based on the company's filings to the Registrar of Companies. Ambrosia Infotech Ltd also participated in the round.
Gautam Patel, managing director at Zodius Capital, confirmed the development. "We are excited about AppsDaily's market leadership position in the phone warranty, anti-virus and services sector. With solid revenue growth and targeting break-even in the next few months, AppsDaily is on a strong footing for FY 2016-17," Patel told TechCircle.
An email query sent to AppsDaily did not elicit any response till the time of filing this report.
The company had earlier raised Rs 100 crore (around $16 million) in a Series C round of funding led by Zodius Capital with participation from existing investors.
In October 2013, it had raised over $5 million in Series B funding round from ru-Net, IndoUS Venture Partners (now Kalaari Capital) and Qualcomm Ventures.
Prior to that, it had raised $4 million in Series A round from IndoUS Venture Partners and Qualcomm Ventures.
The company had raised around $1 million from around a dozen angel investors and seed-stage investor Blume Ventures in 2010.
AppsDaily focuses on developing and distributing software for mobile phones. Some of its products include mobile anti-virus, mobile insurance, backup solutions, mobile privacy, SOS, mobile utilities and games.
Founded by siblings Arun Menon (CEO) and Ajay Menon (director) in 2008, the company started off as Onward Mobility and was later re-branded as AppsDaily. Arun Menon holds a B.Tech degree in mechanical engineering from IIT Bombay and has earlier worked at BillDesk and Tata Infotech. Prior to AppsDaily, Ajay Menon had founded Ambrosia Infotech Ltd, a product engineering and consulting services provider across different verticals such as telecom, Internet, healthcare and retail.
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