Mobile
ad network Vserv has raised $11 million from Maverick Capital Ventures
with existing investor IDG Ventures also participating in the latest
financing round. Maverick Capital Ventures, the venture capital arm of
US hedge fund Maverick Capital, which manages $8 billion in assets, is
known for investing across mobile businesses outside the US, such as
Korean messaging app KakaoTalk and Youku.com, a Chinese video sharing
site.
In all, Mumbai-based Vserv has raised $18 million in venture capital, including its first round of $3 million which it had raised from IDG Ventures India. Co-founded by Dippak Khurana and Ashay Padwal in 2010, Vserv pivoted last year to become a smart data platform from a pure play ad tech firm. Bengaluru-based InMobi is the biggest player in the ad tech space.
Confirming the fund-raise, Khurana of Vserv, said, "Maverick has a successful history of investing early in large-scale mobile platforms globally and we are delighted to be their first investment in India as they bring capital and deep technology domain expertise." Vserv's fund-raise comes at a time when globally and in India, too, ad tech firms haven't been able to attract new investments largely due to plummeting stocks of publicly listed US firms such as Millennial Media and Tremor Video. Google and social networking site Facebook have been weaning away clients from these ad tech companies.
Matthew Kinsella, MD, Maverick Cap, said, "Vserv is uniquely positioned to drive the mobile internet ecosystem in India and South East Asia through their data assets. We look forward to helping Vserv accelerate its growth further." Manik Arora, founder & MD at IDG Ventures India, said that the mobile internet ecosystem is at an inflection point in India today and "we are delighted to further support the company".
In all, Mumbai-based Vserv has raised $18 million in venture capital, including its first round of $3 million which it had raised from IDG Ventures India. Co-founded by Dippak Khurana and Ashay Padwal in 2010, Vserv pivoted last year to become a smart data platform from a pure play ad tech firm. Bengaluru-based InMobi is the biggest player in the ad tech space.
Confirming the fund-raise, Khurana of Vserv, said, "Maverick has a successful history of investing early in large-scale mobile platforms globally and we are delighted to be their first investment in India as they bring capital and deep technology domain expertise." Vserv's fund-raise comes at a time when globally and in India, too, ad tech firms haven't been able to attract new investments largely due to plummeting stocks of publicly listed US firms such as Millennial Media and Tremor Video. Google and social networking site Facebook have been weaning away clients from these ad tech companies.
Matthew Kinsella, MD, Maverick Cap, said, "Vserv is uniquely positioned to drive the mobile internet ecosystem in India and South East Asia through their data assets. We look forward to helping Vserv accelerate its growth further." Manik Arora, founder & MD at IDG Ventures India, said that the mobile internet ecosystem is at an inflection point in India today and "we are delighted to further support the company".
No comments:
Post a Comment