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May 22, 2013

Deal Alert: Rediff reveals realization from Adnear stake sale as $1.14 M

Rediff.com has sold its stake in Adnear (previously known as Imere), a location based company which it had bought a minority stake in, in 2009, for $1.14 million. The sale happend In November 2012 when AdNear had raised Rs 35 crore (around $6.2 million at current levels) from Sequoia Capital India and Canaan Partners. AdNear offers location based mobile advertising solutions in India, Singapore, Australia and other Asia-Pacific countries, and leverages precise location, behaviour, and profiling of consumers, to assist advertisers in reaching relevant audience.

Source: Medianama

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