With a vision to expand its product offering, launch its digital platform, expand its retail space and strengthen its management team, the Mumbai-based mobile application development and distribution company, AppsDaily Solutions Pvt. Ltd., have raised funds close to Rs. 100 crore ($16 million) in a series C round of funding. The funding was lead by Zodius Capital with participation from its existing investors.
The existing investors include Russian VC fund Ru-Net, IndoUS Venture Partners (now Kalaari Capital) and Qualcomm Ventures. Though the individual investors who had backed the firm have parted their ways gaining multiple returns in this round, we still hold a handsome grip in the market, the firm said.
Founded by siblings Arun Menon (CEO) and Ajay Menon (Director) in 2008, AppsDaily develops and markets mobile application across India and abroad.
The company also focuses on developing and distributing software for mobile phones. The company is all set to launch the first-ever hybrid app platform. This will largely target Indian smartphone customers as well as apps in the education and healthcare sector.
“We have already created the category of mobile protection in the country and we will be using this funding to enhance our momentum in this space. We also want to extend our reach to 2,000 cities in the next year and are looking at investing in making AppsDaily the preferred choice for every Indian consumer who uses the smartphone as his first and only screen for communication, entertainment, travel, healthcare and education,” Menon said.
As of now, the company has 3 million customer base spread across 700 cities, in 700 mobile stores. AppsDaily have grown 10X in terms of revenue in the last two years and claims to end the financial year with net revenue over Rs. 130 crore.
Other investors on the board are Vani Kola from Kalaari Capital, Galina Chifina from Ru-Net and Rajiv Dadlani from Mumbai Angels, as well as Varsha Tagare from Qualcomm Ventures, who serves as an observer on the board.