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Mobile application development firm AppsDaily raises $16 mn in Series C funding round led by Zodius

Mumbai-based AppsDaily
Solutions Pvt Ltd, a mobile application development and distribution firm, has
raised $16 million in a Series C round of funding led by Zodius Capital with
participation of its existing investors.

Its existing
investors include Russian VC fund Ru-Net, IndoUS Venture Partners (now Kalaari
Capital) and Qualcomm Ventures.

Individual
investors, who had backed the firm under the banner of Mumbai Angels, have
partially exited with multiple returns in this round, the firm said.

Mumbai-based AppsDaily
Solutions Pvt Ltd, a mobile application development and distribution firm, has
raised $16 million in a Series C round of funding led by Zodius Capital with
participation of its existing investors.

Its existing
investors include Russian VC fund Ru-Net, IndoUS Venture Partners (now Kalaari
Capital) and Qualcomm Ventures.

Individual
investors, who had backed the firm under the banner of Mumbai Angels, have
partially exited with multiple returns in this round, the firm said.

The company had
raised around $1 million from around a dozen angel investors besides seed stage
investor Blume Ventures in 2010. In 2011, it raised $4 million in Series A
round from IndoUS Venture Partners and Qualcomm Ventures. In October 2013, it
raised over $5 million in Series B funding round from Ru-Net, IndoUS Venture
Partners and Qualcomm Ventures.

The fresh funds
raised will be primarily used to expand the company’s product offering, launch
its digital platform, expand its retail distribution reach and make some key hires
to strengthen its management team, it said.

AppsDaily
develops and markets mobile applications across India and abroad. The company
also focuses on developing and distributing software for mobile phones. Unlike
traditional companies that simply launch the apps on popular app stores (like
Google Play or the iTunes app store), the firm follows a unique model of
selling and distributing its own and third party products through offline
retail partners across India. The products are sold under the brand name
‘daily’—for example, daily cop, daily protect, daily assure, and daily complete
security, among others.

Founded by
siblings Arun Menon (CEO) and Ajay Menon (director) in 2008, it started as
Onward Mobility and later rebranded to AppsDaily. Arun holds a B Tech degree in
mechanical engineering from IIT Bombay and had earlier worked at companies like
BillDesk and Tata Infotech. Prior to AppsDaily, Ajay had founded Ambrosia
Infotech Ltd, a product engineering and consulting services provider across
different verticals like telecom, internet, healthcare and retail.

It has more than
1,200 employees across 10 offices with headquarters in Mumbai. AppsDaily claims
to have grown 10x in revenues in the last two years and has 3 million paid
customers across 700 cities in 7,000 mobile stores. It expects to end this
financial year with net revenues of over Rs 130 crore.

Ajay Menon,
co-founder, AppsDaily, said, “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.”

According to the
firm, it will launch a first of its kind hybrid app platform targeted at the
Indian smartphone customer who is shifting online but requires handholding, is
currently paying in cash and demands the physical touch point customer
experience.

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