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| IMImobile raises Rs 60 crore |
| BS Reporter / Chennai/ Hyderabad Nov 13, 2009, 00:53 IST |
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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.
“The VC funding will be used to make acquisitions in Europe and the US. We are targeting to close one buyout by calender 2010,” founder and chief executive officer of IMImobile, Vishwanath Alluri, told Business Standard.
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.
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