komli-prashant-mehta

A little over a month after Komli Media announced a fund-raising of $30 million, its CEO Prashant Mehta has quit. Mehta had joined the company from Yahoo India in 2008 as COO, and was appointed CEO in early 2011. Komli was founded by Amar Goel and Akshay Garg in 2006.

In an email sent out to industry exec’s, Mehta said that during his tenure, revenues 50x, the company expanded to 12 international markets, and raised over $85 million in funding. The Economic Times reports that Mehta is going to take a few months off, after which he is planning to start up. Prior to joining Komli, we worked at Yahoo for eight years, where he was Vice President and Head of Monetization for Yahoo’s Emerging Markets Group which included India, Southeast Asia, Latin America, Middle East and Eastern Europe. He has also worked with Lehman Brothers, JP Morgan Chase (formerly, Chemical Bank) and NatWest.

Financials

While updated information for FY13 is not yet available, Komli Media Pvt Ltd reported revenues of Rs 72.14 crore for the financial year ended 31st March 2012 (FY12), up from Rs 27.82 crore. For FY12, it reported losses of Rs 26 crore, up from losses of Rs 11.35 crore in FY11. This probably also does not include its international businesses.

All in all, Komli has raised around $97 million until now (including initial investment for Pubmatic). This includes a $39 million round in June 2012, $15 million round in January 2011, $6 million round in July 2010 and a $7 million round in January 2008 (we are not sure of how much of $7 million was for Komli, and for Pubmatic which was hived off later).

Komli has acquired five companies so far – AdmaxZestAdzAktiv DigitalIndoor Media and Postclick, and also took over Jivox’s video advertising business in Asia Pacific in 2012. Besides this, Komli has the mandate for selling Twitter’s Promoted Products (essentially, advertising on Twitter) in India and South East Asia (Singapore, Malaysia, Indonesia, Thailand and the Philippines), Zynga’s display ad and video inventory in India and Facebook’s premium advertising products in India.