IMImobile Raises $13 Mn From VCs

Hyderabad based - IMImobile has raised $13 mn VC funding from Sequoia Capital and FirstMark Capital. As a part of the deal, Sequoia Capital MD, Mohit Bhatnagar will join the board of IMImobile.

The proceeds will be utilised to build a global service infrastructure and expansion of client base through acquisitions. UK based - Spark Ventures, a founding partner of IMImobile is the largest institutional shareholder and had provided the seed capital.

IMImobile's services are currently accessible to 500 million subscribers of over 40 operator customers in 66 countries. The company has its offices in Asia, Europe, Latin America and the Middle East. Customers include leading operators and media companies such as Airtel, Vodafone, Virgin Mobile, Google, Reuters and Yahoo.

IMImobile’s product portfolio includes a core service delivery platform (DaVinci), mobile advertising platform (Ad-Ring), carrier grade messaging platforms and gateways, applications for data services, full track music download services and voice platforms.

Last year in November, IMImoblie had acquired UK based digital content delivery services provider dx3.

New York based - Firstmark Capital (earlier Pequot Ventures) is VC fund with over $bn in capital commitments globally. This is Firstmark's first investment in India. The VC is focused on investments in Emerging Media & Advertising, Vertical Applications & Services, Infrastructure and Data & Analytics.

Sequoia Capital's Indian investments include Apnapaisa, JustDial, TutorVista, Genesis Colors and Miglebox among others.

MAPE Advisory Group acted as advisor to IMImobile for the investment.

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