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Ideacts Receives Funding From Sequoia, SVB

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(By Preethi J & Nikhil Pahwa)

Cyber cafe software company Ideacts Innovations has raised an undisclosed amount of money in its second round of funding from Sequoia Capital and Silicon Valley Bank, The Economic Times reports.

In its first round, the company had raised $5 million from Sequoia Capital in July, 2008.  and had launched their application Clinck for cyber cafes. According to VCCircle,  Ideacts has expanded their terminal base from 2000 to 21000, and covers 3,700 cafes, compared to 625 cafes when they had raised their first round. Advertisers on their Clink platform include Cadbury, Pepsi, Colgate, Axe, Orbit, Chevrolet, Yamaha and Romanov.

In the context of Ideacts, one needs to keep in mind the reported decline in cybercafes in the country, particularly given the stringent security norms that the government has been enforcing. With a growth in both landline Internet, and broadband penetration, particularly to home, cybercafe usage may decline. Also look at this in the context of what Sify has attempted to do with its cybercafe business: use services like ticketing and bill payment to help increase cybercafe usage; Ideacts should consider the same. Interestingly, Ideacts expects to break even in the next five months.

Related

Ideacts Gets $5 Million From Sequoia Capital; Launches Cybercafe Focused, Ad-Supported Product CLINCK

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