AppsDaily, a mobile apps development and distribution company, has raised around $2 million in a bridge funding round. The round saw participation from Kalaari Capital, Qualcomm Ventures, Russia-based ru-Net and Zodius Technology Opportunities Fund.
Along with those exisiting investors of the company, a new investor – Ambrosia Infotech Ltd also participated in the round.
Gautam Patel, managing director at Zodius Capital, said,
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.
AppsDaily was founded by siblings Arun Menon and Ajay Menon in 2008. Initially named as Onward Mobility, it later re-branded as AppsDaily. It 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.
The company operates in more than 400 cities, with more than 400 distributors and 10,000+ outlets – with more than 2500+ In store demonstrators. It claims to have more than 2 million happy customers.
Earlier, it had raised around $16 million in Series C round from Zodius Capital with participation from other existing investors. Prior to that, it had raised $5 million in Series B round and $4 million in Series A round.
The seed funding round raised by the company in 2010 saw investment from Blume Ventures and a dozen of other angel investors at around $1 million.
According to a report from Cisco, smartphone user base is expected to reach 651 Million in the next few years. This will make India the largest global mobile first internet market. By the end of 2017, market demand for mobile app development services will also grow at least five times faster than IT organisations’ ability to deliver them.