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Sourcebits Secures $10 Million Investment from Sequoia & IDG Ventures

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.

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