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Indian founded IMImobile raises $13 Million
By siliconindia
Bangalore: Mobile and online value-added services provider IMImobile has raised $13 million in a second round of funding. This round of funding is led by Sequoia Capital and the existing investor First Mark Capital.
"The new financing will enable us to develop our cloud infrastructure for Tier 1 telecom operators and allow us to expand our customer base and account penetration through acquisitions. Sequoia Capital's global experience and strong local expertise will be a key differentiator as we look to launch into our next phase of growth," said Vishwanath Alluri, Founder and CEO, IMImobile. Founded in 1999 by Alluri and Shyam Bhat, who is also the Chief Technology Officer (CTO) of the company, IMImobile's product portfolio includes a core service delivery platform (DaVinci SDP), mobile advertising platform (Ad-Ring), carrier grade messaging platforms and gateways, applications for data services, full track music download services and voice platforms.
According to IMImobile, its services are currently accessible to 500 million subscribers of over 40 operator customers in 66 countries. The company has also 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.
Along with this lates funding round, Mohit Bhatnagar, Managing Director, Sequoia Capital India will join the Board of IMImobile. He said, "IMImobile has witnessed tremendous growth over the years and continues to expand into diverse geographies as a consequence of their proven technology expertise. Our investment gives us an opportunity to contribute to the growth path of IMImobile and also opens up significant inorganic growth possibilities for the company." Also, Spark Ventures, a Founding Partner of IMImobile, is the largest institutional shareholder and had provided the seed capital.
