Delhi-based Xerico Technologies Pvt Ltd, which runs SnapLion.com, an online platform to create sleek, interactive mobile apps for anyone wishing to engage their fans in real time, has received an undisclosed round of funding from Indian Internet Group (IIG), which invests in early-stage internet and mobile technology startups.
It is not immediately clear where the company has deployed the amount. An email to SnapLion founder and managing director Nikhil Sama did not elicit any response till the time of posting this article.
Founded in 2011 by Sama, SnapLion is a 'do-it-yourself' platform that helps build custom mobile apps inexpensively. Musicians, artists, designers, venues, event promoters, record labels and restaurants can create and manage their own iPhone and Android apps quickly without any coding.
SnapLion offers a monthly as well as annual subscription models for building and publishing the native mobile app on iTunes and Google Play. The price starts at $41 per month and can go up to more than $460, depending on the nature and profession of the subscriber. The annual fee starts at $405 and can stretch up to $4,636.
Sama, an MBA in Organisational Behaviour, Finance and Entrepreneurship from The University of Chicago, was previously director at early-stage technology fund Rocket Internet GmbH. Prior to that he was a strategy consultant with Bain & Company in Chicago. He has also worked with Cisco Systems, Hughes Research Labs, and Hewlett Packard, Sequoia Capital etc.
Founded in April 2011 by Anirudh Suri, Nihal Mehta and James Pallotta, IIG is an India-focused early-stage investor which invests in high-growth mobile startups. The fund typically invests $50,000 to $300,000 in a startup preferably in a co-investment model with other funds/angel investors. Its portfolio companies include 24/7 Techies, InVenture, Saavn, The Wild East Group, Abreakplease.com, EkSMS and StepOut.
(Edited by Joby Puthuparampil Johnson)