Mobile and online value-added services provider, IMImobile, has raised $13 million (around Rs 60 crore) in a financing round led by Sequoia Capital and existing investor First Mark Capital.

The funding is expected to enable IMImobile to embark on its next phase of growth. Spark Ventures plc, a founding partner of IMImobile, is the largest institutional shareholder and had provided the seed capital. The MAPE Advisory Group acted as adviser to IMImobile for the investment.

Also Read   Related Stories News Now - IMImobile raises $13 mn for funding expansion - MTN ties up with IMImobile - MTN, IMIMobile in a tie-up - IMImobile acquires Mobytec - 'We can't expect explosive returns here'

Also Read   Related Stories News Now - Markets end on a strong note - Rupee closes at a week's high, overall sentiment improves - IITs, IIITs and NITs to have single examination from 2013 - Delhi Budget: Petrol to cost Rs 71.92, CNG prices up - Bajaj Electricals Q4 net down 15% at Rs 49 cr More

Besides, “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. Sequoia Capital’s global experience and strong local expertise will be a key differentiator as we look to launch into our next phase of growth,” Alluri, stated in a press release on Thursday. 

“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,” Mohit Bhatnagar, MD of Sequoia Capital India, said. Bhatnagar would be joining the board of IMImobile.

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Markets end on a strong note - Rupee closes at a week's high, overall sentiment improves - IITs, IIITs and NITs to have single examination from 2013 - Delhi Budget: Petrol to cost Rs 71.92, CNG prices up - Bajaj Electricals Q4 net down 15% at Rs 49 cr

Tags : IMImobile | MAPE | Vishwanath Alluri | Mohit Bhatnagar |   Read Business news in  Advertisements -  Journey on, We are by Your Side. Click here to know more -  Help a Child Achieve her. Click to know more -  Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol. -  Watch The Film Here. Click here to know more.. -  Leader in Passenger Car & Automobile Tyres. Click here -  1 billion in saving for Unilever without any tangles. -  One Partnership Endless Possibilities. Click here to know more -  Helping doctors detect diseases earlier, saving costs & extending lives. -  36 Lakhs can get you a pool of Luxuries. Click here -  Which is the best plan for your daughter -  Check out the TRUE COLOURS of your Stocks, Now for FREE!