MUMBAI, India, Jul 20, 2011 (BUSINESS WIRE) - Vserv, the leader in Mobile In-App Advertising in India, announced today that it has closed $3 Million in Series A funding by IDG Ventures India. Vserv is a leading mobile advertising network focused on emerging markets having delivered In-App and Wap advertising in over 200 countries for leading Fortune 500 brands. IDG Ventures India is a leading venture capital fund investing in technology-related product and services companies in India. The investment represents the first VC investment in mobile advertising in India since 2008.
Vserv is the first company globally to have developed a unique App Ad-Wrapper solution for J2ME Apps and is now extending this solution to Android Apps. The App Ad-Wrapper enables mobile app developers to maximize ad-earnings from their apps globally from day 1 with minimal effort, whilst advertisers leverage the unique reach to target the rapidly growing mobile audience. Commenting on this new investment Manik Arora, Managing Director, IDG Ventures India, said, "While the mobile advertising industry is still relatively young, it is experiencing rapid growth driven by Mobile Internet growth and Mobile Apps growth. Within this, emerging markets are critical given their large and growing mobile phone installed bases. The global In-App advertising market will grow from US$900 million this year to roughly $5 Billion in 2015 according to IDC.
Having researched this dynamic market for the last year, we found Vserv taking a leadership role with their unique proposition for developers." Dippak Khurana, Co-Founder and CEO, Vserv, said, "With the funds we plan to expand our sales and engineering teams to drive sales growth in India and internationally as well as further develop our monetization solutions for the global App developer community. Our unique App Ad-Wrapper technology for J2ME Apps has been well received by the global developer community as it can support over 500 phone models and allows both new and existing Apps to be Ad-Wrapped and monetized. With this funding, we will extend our offerings to Android Apps, which are increasingly becoming important in emerging markets."