MobStac raises Series A round of Funding

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MobStac raises Series A round of Funding
Bangalore: Bangalore-based MobStac, a mobile website developer, has raised their series A round of funding from Accel Partners and Mumbai Angels. The company plans to use this fund for its upcoming Touchsite platform, which is scheduled for launch soon. In the past, the company had raised angel investments from an IIT Madras alumni and an entrepreneur. Both the VC firms will have a representation each on MobStac's board. MobStac was founded in 2009 by Sharat Potharaju and Ravi Pratap Maddimsetty. Sharat Potharaju, CEO, MobStac, has over three years of experience as an investment banker at Merrill Lynch, New York. His work spans over diverse industries, including but not limited to, financial services, healthcare, retail, technology, and others, apart from which he executed multi-billion dollar financing and M&A transactions. He has a B.Tech in Chemical Engineering from the Indian Institute of Technology, Madras; and a Masters in Engineering Management from Duke University. He has worked as the Head of Marketing and Communications for the 'Jaaro Re One Billion Votes Capmaign', India's largest grassroots movement for voter registration to date. Ravi Pratap Maddimsetty, CTO, MobStac, spent four years at Hillcrest Labs, a technology startup, before which he worked as an Associate with Morgan Stanley. Maddimsetty has a B.Tech in Chemical Engineering from the Indian Institute of Technology, Madras; and an M.S. in Computer Science from Washington University, St. Louis. Accel Partners, a venture capital, is dedicated to support entrepreneurs who possess the unique insight to define new categories and build world-class companies. It deeply shares the entrepreneurs' passion for fundamental uniqueness and their courage to be first. Mumbai Angels is primarily focused on seed-stage and early-stage companies, with strong teams, defensible technologies or services and well defined products to market plans. It provides a unique platform to startup and very early-stage companies by bringing them face to face with successful entrepreneurs, professionals, and executives who are interested in and have the funds available to invest in startup companies.

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