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| IMImobile raises $13 mn for funding expansion |
| Press Trust of India / New Delhi Nov 12, 2009, 20:04 IST |
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Hyderabad-based IMImobile today said it has raised $13 million in a financing round, led by Sequoia Capital and existing investor First Mark Capital.
The funding will help the mobile value-added services firm will further enable building of a global service infrastructure for delivering solutions to operators and expand business through acquisitions, IMImobile said in a statement.
Spark Ventures, a founding partner of IMImobile is the largest institutional shareholder and had provided the seed capital.
Sequoia Capital India Managing Director Mohit Bhatnagar will join the board of IMImobile, it said.
"The new financing will enable us to develop our cloud infrastructure for Tier 1 telecom operators and allow us to expand our customer base and account penetration through acquisitions," IMImobile founder and CEO Vishwanath Alluri said.
IMImobile's services are currently accessible to 500 million subscribers of over 40 operator customers in 66 countries.
"Our investment gives us an opportunity to contribute to the fantastic growth path of IMImobile and also opens up significant inorganic growth possibilities for the company," Bhatnagar said.
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