Mobile app development and distribution company, AppsDaily Solutions Pvt. Ltd., has raised $2 Mn in a bridge round of funding. The Mumbai-based startup received funding from existing investors Kalaari Capital, Qualcomm Ventures, Russian venture capital fund ru-Net and Zodius Technology. Ambrosia Infotech Ltd. also participated in the round.
AppsDaily is a mobile protection utility app that shields your mobile phone against theft, damage, virus and data loss. Founded by Arun Menon and Ajay Menon in 2008, the company came into being as Onward Mobility and was later re-branded as AppsDaily.
Last year, the company had raised around $16 Mn (INR 100 Cr) in a Series C round of funding led by Zodius Capital, with participation from existing investors. Prior to that, it had raised $5 Mn (INR 33 Cr) in Series B, $4 Mn (INR 26 Cr approx.) in Series A and $1 Mn from around a dozen angel investors and seed-stage investor Blume Ventures in 2010.
According to a Cisco report, smartphone user base is expected to reach 651 Mn in the next few years, making India the largest global mobile first internet market. By the end of 2017, market demand for mobile app development services will also grow at least five times faster than IT organisations’ ability to deliver them. Basically, mobile-first businesses will become a catalyst for India’s internet growth wave.
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