Vdopia Inc, a video advertising network founded by India-born entrepreneurs, has secured $3.4 million in private offering from a single unnamed investor, according to a filing with the Securities and Exchange Commission (SEC) in the US.
California-headquartered Vdopia, which has India offices in Mumbai and Gurgaon, is raising $7.4 million as part of the Series B round of funding. The first tranche of the fresh funding round was through preferred stock convertible into common stock.
It could not be immediately confirmed where the company would deploy the amount. A call to the company’s Gurgaon office did not elicit any response till the time of publishing this article.
Set up in 2008 by Stanford and IIT graduates Chhavi Upadhyay, Srikanth Kakani and Saurabh Bhatia, Vdopia raised $4 million from Nexus Venture Partners in October 2009. The Bangalore-based fund had also infused an undisclosed seed amount into the firm in December 2008.
The company competes with players like Jivox, Komli Media and Ozone Media, and announced in March 2011 that its mobile video advertising business had become profitable. Last year, it launched a new file format called .VDO that enables advertisers and publishers to seamlessly run video-enabled ads on the mobile web without Flash or plug-ins.
Vdopia’s key clients include names such as eBay, NDTV, BharatMatrimony.com, Emirates, General Motors, Hewlett-Packard, ICICI Bank and Idea Cellular, among others.
(Edited by Sanghamitra Mandal)