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October 30, 2013

Deal Alert: Ru-Net leads Rs.31-Cr Series B round for AppsDaily

Mumbai-based mobile application development and distribution company AppsDaily (formerly Onward Mobility) has received a Series B round of INR 31 crore from new investor Ru-Net and existing investors IndoUs Ventures and Qualcomm Ventures. AppsDaily plans to utilize these funds to expand its product offering, retail distribution reach and for hiring key employees. The company also plans to expand to more than 200 cities in India in the next 12 months and is also planning to start operations in other emerging markets. 

The company had earlier raised INR 18 crore in 2011 from IndoUS Venture Partners and Qualcomm Ventures and INR 5 Crore in 2010 from the Mumbai Angels. As part of the latest deal, Maria Krajukhina of Ru-Net Limited has joined the company’s board. The other investor directors on the board are Vani Kola from IndoUs Venture Partners and Rajiv Dadlani from the Mumbai Angels, as well as Varsha Tagare from Qualcomm Ventures who serves as an observer. 

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