VC-backed Flipkart acquires India's AdIQuity

Set up in 2006 and headquartered in Bangalore, AdIQuity enables app developers and mobile publishers to monetize their inventory while providing ad agencies and other media buyers with a platform to acquire mobile traffic.

The start-up already claims to have 150 million monthly users in its network and the ability to generate 25 billion ad impressions every month. The business also has offices in Singapore, Jakarta, and Kuala Lumpur.

AdIQuity is backed by Sequoia Capital and Sandstone Capital, having raised $15 million across two rounds in 2006 and 2008.

The acquisition comes nearly a year after Flipkart bought online fashion retailer Myntra at a valuation of around $300 million. The company, which has raised $2.8 billion in VC funding since inception, has been eyeing acquisitions with a view to consolidating its dominant position in India's competitive e-commerce space.

Flipkart's most recent funding round was in December when it raised $700 from a slew of backers including Baillie Gifford, Greenoaks Capital, Steadview, and Qatar Investment Authority. Other significant investors include DST Global, GIC Private and Tiger Global Management.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• Venture
• Buyouts
• Technology
• India
• buyout
• M&A
• Venture
• Technology
• Media
• TMT