Online video advertising network Jivox has raised $4 million in funding from Opus Capital and Helion Venture Partners, in a follow on investment reports VCCircle; the total amount of funding raised by the company is now around $15 million in two rounds, with seed investments by two promoters included.
Sources from two companies who had been pitched to by Jivox last year, at the height of the lull in the online advertising market, had informed MediaNama that it was looking to sell a majority stake in its Indian operations, at up to 60 percent; eventually that plan was scrapped, but the company did need funds. Jivox India MD Naren Nachiappan told VCCircle that the company has plans to raise money again – as much as $15 million in 2011, to expand to other geographies, including Europe. According to its website, Jivox represents publishers including ZeeNews.com, OneIndia.in, TimesofIndia, ThinkDigit, BIGAdda, Hindusantimes.com, LiveMint.com, Metacafe, Indian Express, MSN, Sify, Moneycontrol.com.
The online video advertising market in India is still in a nascent stage, and apart from YouTube, which gave it a significant boost by broadcasting the Indian Premiier League online online, bringing on board advertisers like HSBC, Coca Cola, Samsung and Airtel, also includes competitors like Nexus India Capital funded VDOPIA. Komli Media, which recently acquired sales representation company PostClick too serves video advertising in India.
If anyone from Jivox is reading this, we’d love to know more about how they’ve arrived at an estimate of $30 million for online video advertising in India.
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