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India's AppsDaily raises 16m Series C from Zodius, others

  • Holden Mann
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Zodius Capital has led a $16 million Series C round for Indian mobile app developer and distributor AppsDaily, with participation by current investors Kalaari Capital, ru-Net Ventures and Qualcomm Ventures.

AppsDaily plans to use the new capital to expand its product offerings and retail distribution network while growing its staff, according to LiveMint. The funds will allow previous investors Mumbai Angels to make a partial exit.

Founded in 2008, AppsDaily creates and sells mobile apps in a variety of categories, specializing in security. Unusually for an app developer, the company markets its software through retail in addition to online app stores. According to AppDaily's website, this business model is better suited to the behavior of Indian consumers, who prefer to buy software in person.

The company plans to launch its own app store within the next year. While it will offer its own apps through the new platform, it will continue to support the Android, iOS and Windows app stores where its products are currently sold.

Zodius, based in Mumbai, provides late-stage capital to companies mostly located in Singapore and India. Last year it joined with Avendus to launch a $500 million fund focused on late-stage and pre-IPO investment in tech companies.

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