Mobile app development and distribution company AppsDaily Solutions Pvt. Ltd has raised $2 million (around Rs 13.5 crore) in a bridge round of funding from existing investors Kalaari Capital, Qualcomm Ventures, Russian venture capital fund ru-Net and Zodius Technology Opportunities Fund. Ambrosia Infotech Ltd also participated in the round, as reported by VCCircle.
The company had earlier raised Rs 100 crore (around $16 million) in a Series C round of funding led by Zodius Capital with participation from existing investors. In October 2013, it had received over $5 million in Series B funding round from ru-Net, IndoUS Venture Partners (now Kalaari Capital) and Qualcomm Ventures. Prior to that, it had secured $4 million in Series A round from IndoUS Venture Partners and Qualcomm Ventures.
Also, the firm had raised around $1 million from around a dozen angel investors and seed-stage investor Blume Ventures in 2010.
Founded by siblings Arun Menon (CEO) and Ajay Menon (director) in 2008, AppsDaily 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.
It was started off as Onward Mobility and was later re-branded as AppsDaily. Arun Menon holds a B.Tech degree in mechanical engineering from IIT Bombay and has earlier worked at BillDesk and Tata Infotech. Prior to AppsDaily, Ajay Menon had founded Ambrosia Infotech Ltd, a product engineering and consulting services provider across different verticals such as telecom, Internet, healthcare and retail.
AppsDaily operates in 400+ cities, with more than 400 distributors and 10,000+ outlets – with more than 2500+ In store demonstrators. The company has more than 2 million happy customers.