IDG India invests $3m in mobile advertising company
IDG Ventures India has invested $3 million in mobile advertising company Vserv as part of a first round of institutional funding.
Mumbai-based Vserv.mobi launched in January 2010 and claims to deliver in-app adn WAP advertising to clients in more than 200 countries. The company’s key clients are developers, publishers and advertisers, many of which are Fortune 500 companies.
The funding is slated to expand Vserv’s sales and engineering teams to boost growth domestically and overseas, as well as develop monetsation solutions for application developers.
IDG Ventures, which launched its $150 million India fund in 2006, is said to be raising another $150-200 million for domestic tech investments, local media reports. IDG and Sequoia Capital also recently invested $5 million apiece in mobile application company Sourcebits.
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