Mobile app development and distribution company, AppsDaily Solutions Pvt. Ltd has raised $3.75 Mn (INR 25 Cr) from existing investors and founders of the company.
Existing investors that participated in the round include Zodius Capital, Kalaari Capital, Qualcomm Ventures, Russian venture capital fund, Ru-Net, and Mumbai Angels. According to an official statement, the company has raised a total of $22 Mn (INR 150 Cr) funding in its earlier rounds.
The newly raised capital will be used to scale its growth plans.
Founded by Arun Menon and Ajay Menon in 2008, the Mumbai-based company came into being as Onward Mobility and was later re-branded as AppsDaily. It is a mobile protection utility app that shields the user’s mobile phone against theft, damage, virus, and data loss.
Talking about the funding, Arun Menon, co-founder and CEO, AppsDaily said, “We are very excited about the overall growth in the mobile protection and security market, which is driven by the strong surge in smartphone sales in the country, along with an increasing awareness among customers on mobile protection and security products. We believe India will be a huge market for mobile protection and security in 3-4 years.”
According to its official website, AppsDaily claims to have more than 2 Mn customers and operates in 700 cities with 400+ distributors and 10,000 outlets.
Last year, the company had raised $16 Mn (INR 100 Cr) in a Series C round 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) in Series A and $1 Mn from angel investors and seed-stage investor Blume Ventures in 2010.
In July this year, AppsDaily raised $2 Mn in a bridge round of funding from existing investors including Kalaari Capital, Qualcomm Ventures, and Zodius Capital among others.
This development was reported by Mint.