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IDG Ventures invests $3 mn in Vserv; to raise second India fund of $150-200 mn

IDG Ventures has invested $3 million (Rs.13.38 crore) in
Vserv Digital Services, a mobile advertising network for application
developers, publishers and advertisers. This is the IDG’s fifth investment in
India’s mobile internet sector since it entered the country in 2007. Vserv will
use the funds raised to expand engineering and sales teams and enlarge its footprint

IDG Ventures has invested $3 million (Rs.13.38 crore) in
Vserv Digital Services, a mobile advertising network for application
developers, publishers and advertisers. This is the IDG’s fifth investment in
India’s mobile internet sector since it entered the country in 2007. Vserv will
use the funds raised to expand engineering and sales teams and enlarge its footprint
in international market.

“What attracted us to the company was that they developed a
solution compatible for Java-based phones, which is the dominant installed base
in India and most emerging markets today.” Manik Arora, founder and managing
director, IDG Ventures India has said. Vserv is now extending its advertising
solutions to the Android platform.

IDG Ventures, a division of US-based International Data
Group Inc. (IDG), also plans to raise a second India fund of $150-200 million,
focused again on technology-backed ventures. “We will be launching the second
fund early next year,” said Manik Arora, founder and managing director, IDG
Ventures India. The first India fund of $150 million was raised in 2006.

“Mobile Internet is just taking off. India’s mobile internet
user base is growing much faster than the general internet user base. The
number of mobile internet users has doubled in the country since last year to
about 40 million,” Arora said.

IDG has earlier invested in Indian mobile
Internet companies such as Apalya Technologies and 3DSoC Pvt Ltd, and plans to
continue investing in the sector. In May this year, the firm, along with
Sequoia Capital India Advisors, invested in Sourcebits Technologies Pvt. Ltd, a
mobile and tablet applications developer.

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