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Nexus Ventures-backed Vdopia raises $3.4m Series B round

  • Andrew Woodman
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Video advertising network Vdopia has secured $3.4 million in Series B funding in a private offering from a single unnamed investor.

Details of the deal where disclosed in a filing with the Securities and Exchange Commission (SEC) in the US. The Silicon Valley-headquartered company, which has India offices in Mumbai and Gurgaon, raised $4 million from Nexus Venture Partners in 2009. The first tranche of funding was through preferred stock convertible into common stock.

Set up in 2008 by Stanford and Indian Institute of Technology graduates Chhavi Upadhyay, Srikanth Kakani and Saurabh Bhatia, Vdopia is India's largest online video advertising platform with the widest range of advertising formats for all content online. It also operates iPhone advertising network iVdopia in the US with unique pre-app and in-app video advertising formats.

The company's competitors include Jivox, Komli Media and Ozone Media. Vdopia announced that its mobile video advertising business had become profitable in March 2011.

Last year, it launched a new file format called .VDO that enables advertisers and publishers to run video-enabled ads on the mobile web without Flash or plug-ins. Among the company's key clients are eBay, NDTV, BharatMatrimony.com, Emirates, General Motors, Hewlett-Packard, ICICI Bank and Idea Cellular.

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