Mumbai-based mobile application and distribution firm Onward Mobility has raised Rs 18 crore from IndoUS Venture Partners and Qualcomm's venture capital investment arm, Qualcomm Ventures. This is the ‘series A’ round of funding for the firm which had raised over $1 million in 2010 from the network of Angel investors, Mumbai Angels. The company plans to utilize these funds to expand their product offering and retail distribution reach, hiring key employees.
The Mobile Applications market in particular is expected to grow to $ 25 Billion by 2013 as per Juniper Research. The overall market for Mobility software and applications in Asia-Pacific alone is expected to grow at a CAGR of 35 per cent from 2011 to 2015. This presents a huge opportunity for Onward Mobility as it is the only company in India with a direct to consumer business model of retailing mobile applications as against most other mobile application companies which are looking at selling their products through online channels like applications stores.