India’s Komli raises $39m from VCs in Series D round
Norwest Venture Partners has led a $39 million round of funding for Komli Media, India’s largest advertising-focused media technology company. Existing investors Nexus Venture Partners, Helion Venture Partners and Draper Fisher Jurvetson also participated, along with one new arrival, Western Technology Investment.
Komli has now raised a total of $62 million from venture capital sources across four rounds dating back to 2008. Prior to the most recent funding, Norwest led a $15 million Series C round in January 2011.
Prashant Mehta, Komli's CEO, refused to disclose the valuation of the Mumbai-based company, The Economic Times reported. However, industry experts said that Indian internet firms are typically valued at up to 5x revenues and, based on Komli's projection of $100 million for 2013, the implied valuation is up to $500 million.
India's online advertising market is worth INR18.5 billion, which is just 7% of overall ad spend, according to Avendus. The market is expected to expand to INR70 billion by 2015.
Komli has been on the acquisition trail, seeking to consolidate its position in the online advertising space and also strengthen its mobile advertising offering in the face of competition from Google's AdMob and InMobi. The company purchased Singapore-based Admax Network in February, its sixth acquisition in two years.
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