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AppsDaily Raises Rs 31 Cr From Ru-Net, IndoUS & Qualcomm Ventures

apps_daily_logoMobile application development and distribution company, AppsDaily has raised Rs 31 crore as Series B investment from Ru-Net Limited, IndoUs Venture Partners and Qualcomm Ventures. Apps Daily sells and distributes its own and third party products through retail outlets across India, including games, education, health, entertainment, and other content. The company plans to utilize the investment to expand its product offering, retail distribution reach (to more than 200 cities from 100 cities in 18 states currently) and for hiring key employees. The development was first reported by VCCircle.

What’s also interesting is that AppsDaily plans to start operations in other emerging markets. The company claims to have sold over 1 million products in India and in countries like Australia, Bangladesh, Bahrain, Kuwait, Saudi Arabia, Sri Lanka, Qatar, UAE, UK and US. Interestingly, AppsDaily says it employs 1,200 people, which is a substantial cost in itself.

AppsDaily will have competition soon: Shotformats is rolling out a competing service for retailing apps offline.

All in all, it has raised Rs 54 crore in funding to roll out a retail offering for applications: in 2011, the company had raised Rs 18 crore from IndoUS Venture Partners and Qualcomm Ventures, before which it had raised Rs 5 crore in 2010 from the Mumbai Angels. Founded by Arun Menon and Ajay Menon in 2008, most of its proprietary products are mobile security applications such as daily cop, daily protect, daily assure, daily complete security, among others that can be bought through its website and through offline retail outlets.

Related:

– Shotformats Plans Offline Retail Network For Content, Apps, Games; Biscoot
– Why Onward Mobility’s Arun Menon Thinks Physical Retail Of Apps Will Work

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