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The company plans to use the funds for acquisition, and is eyeing companies in Europe and the US.
IMImobile, a Hyderabad-based mobile, online technology and content services company, has raised $13 million funding from Sequoia Capital and its existing investor First Mark Capital. The company plans to use the funds for acquisition, and is eyeing companies in Europe and the US.
Mohit Bhatnagar, MD of Sequoia Capital India will join the board of IMImobile, informed a company press release. Spark Ventures plc, a founding partners of IMImobile is the largest institutional shareholder and had provided the seed capital. The Mape Advisory Group acted as adviser to IMImobile for the investment.
Vishwanath Alluri, founder and CEO of IMImobile stated that the fund will help them develop the cloud infrastructure for tier I telecom operators and allow them to expand their customer base and account penetration through acquisitions. “Sequoia Capital’s global experience and strong local expertise will be a key differentiator as we look to launch into our next phase of growth,” said Alluri.
IMImobile has entered into a strategic partnership with MTN to deploy latter’s DaVinci service delivery platform on a managed services model to offer compelling services to 103 million subscribers across 21 countries in Middle East and Africa. IMImobile customers include Airtel, Vodafone, Virgin Mobile, Google, Reuters and Yahoo!, and is operational in Asia, Europe, Latin America and the Middle East.
IMImobile has made three acquisitions in the last one year. In July 2009, it has acquired Mobytec, a social aggregation and phone book management service provider in UK. Earlier in February 2009, it has acquired Music2You, a music download and subscription services platform from Nokia Siemens Networks, and in November 2008, acquired Dx3, a digital content delivery services provider in UK.
