Sourcebits, a third party developer of mobile applications has raised $5 million each from Sequoia Capital and IDG Ventures India. This is the first investment round for the company. The company intends to use the raised funds to expand its footprint globally and locally. It is planning to set up engineering and sales centers in the United States, as well as augmenting a design engineering team in India and Europe. Sourcebits posted revenues of $6.5 million, for the year ended March 2011, and its Night stand app for the iPhone has been downloaded more than 5 million times, earning around $1 million for the company, according to Forbes India. The company develops popular mobile browser Skyfire, which allows browsing Flash based websites on non-flash devices like the iPhone. Sourcebits has developed more than 300 apps across major mobile OS platforms including iPhone, iPad, Android, BlackBerry, Palm Pre and Windows Phone 7, in addition to apps for Facebook and Mac OS. Some of the popular apps developed by Sourcebits include Robokill, Knocking Live, Daily Deeds, Night Stand, Skyfire, Beast Farmer and more. Its clients include Coca Cola, Sling Media,Hershey's,Proctor and Gamble,General Electric,Freeverse,GlobalStar and Fossil among others. This is IDG Ventures' fifth investment in an India based company in 2011. It has earlier invested in Apalya, Myntra, iProf Learning and Agile Financial Technologies.
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...