VServ, a mobile advertising company founded by two former Mauj executives (former Head of content and International business Dippak Khurana and technology head Ashay Padwal), had raised angel funding from Ajay Adiseshann, the co-founder and Managing Director of Paymate; according to a statement, Adiseshann has been investing in the company since December 2009, which was around the time that Khurana had left Mauj. The amount invested has not been disclosed.

What we found interesting about Vserv, when it launched last year, was that it was a mobile advertising platform and/or network focused the feature phone J2ME applications market, and hence a fit for apps on the Ovi Store in India.

This current announcement mentions that VServ also has a presence in the Android market, which means that the company has extended its mandate. Its apps distribution does appear to be fairly limited though, with a network of just “3500+ apps”. The release also mentions that Vserv has made a foray into the APAC market, but doesn’t have any details. If Adiseshann has been investing in the company for a year and a half, does the timing of this announcement mean that Vserv is looking to raise funds?

Other mobile ad networks in operation in India include Inmobi, Google owned AdMob, Naspers backed Buzzcity (though I’m not sure if it’s publisher or an ad network).

(With inputs from Saptarishi Datta)

Also read: VServ Launches WAP, Java Apps Ad Network, AdServer; Deals With Nazara, Network18, Mobile ESPN