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Komli Media Raises $39 Million Led By Norwest Venture Partners; Listing?

Komli Media, an online advertising network, has raised $39 million (Rs 214 crore). The financing round was led by Norwest Venture Partners (NVP) and its existing investors including Nexus Venture Partners, Helion Venture Partners, Draper Fisher Jurvetson, and a new investor Western Technology Investment participated in the fund raising. Komli appears to have raised almost $67 million (including initial investment for Pubmatic, which it hived off), and has acquired 5 companies (see below).

A story in the Economic Times, though, puts the fund raising at $62 million, and acquisitions at six. The funds will be used for, as Komli has said the last few times it has raised money, to invest in its technology platforms, and to expand its presence across the Asia Pacific (APAC) region. Prashant Mehta, Komli’s CEO, says that they’ll invest in “Real-Time Bidding (RTB), data, analytics, and retargeting solutions to improve ROI for advertisers and yield for publishers.”

Komli claims to be growing at 150% annually since 2009, but it doesn’t give any specific revenue figures. We had reported earlier that, according to Komli Media’s filing with India’s Registrar of Companies, for the year ending March 31st 2010, the company earned an income of Rs. 8,61,90,217, and incurred a loss of Rs. 6,81,70,538 (approximately $1.5 million). We’ll update with more recent figures. It should be noted that Komli has made several acquisitions in the APAC Market, and the Indian figures are probably not indicative of overall revenue.

The complany claims to have over 5000 publishers including exclusive relationships with Facebook and MSN in key markets, and a reach of over 270 million users monthly, over 1,000 advertisers, and serving over 38 billion monthly impressions, up from 10 billion 12 months ago.

Listing?

The company claims to be targeting revenue of $100 million in 2013, and that it expects to be listed on NASDAQ within 18 months. The rationale behind the valuation of $500 million for Komli – valuation is 5 times revenue for Internet companies – quoted by the Economic Times, appears to be suspect, since firstly, the company hasn’t reached $100 mn in revenue, and even then, given that this is an advertising network, $100 million would be the gross revenue, not net revenue.

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Acquisitions

Feb 29 2012: AdMax; Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam markets
Jul 19 2011: ZestAds, Mobile ad network. Mostly operating in India, but has clients from USA, UK, France, Germany, Netherlands, Norway, Denmark, Sweden, India, Thailand, Indonesia and South Africa
Jun 02 2011: Aktiv Digital; China, Hong Kong, Singapore, Philippines and Malaysia markets.
Oct 07 2010: Indoor Media, UK; targeting a South Asian online marketing firm.
Jun 10 2010: Postclick; Australia based, with offices in Melbourne and Singapore.

While not technically an acquisition, Komli also took on board Jivox’s video advertising business in APAC in 2012.

Fund Raising

June 12 2012: $39 million from Norwest Venture Partners (NVP),  Nexus Venture Partners, Helion Venture Partners, Draper Fisher Jurvetson, Western Technology Investment
Jan 19 2011: $15 million from Norwest Venture Partners, Nexus Venture Partners and Helion Venture Partners
Jul 14 2010: $6 million from Nexus Venture Partners, Helion Venture Partners, and Draper Fisher Jurvetson
Jan 08 2008: $7 million from Nexus Venture Partners, Draper Fisher Jurvetson and Helion Venture Partners, though we’re not sure of how much of this money was for Komli, and how much for Pubmatic, which was hived off later.

We’ll update with info from Komli’s filings

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(With inputs from Nikhil Pahwa)

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