Adways Inc acquires reward-based ad platform Pocket Money

Japanese mobile marketing firm has acquired Pocket Money for an undisclosed amount

Japanese mobile marketing firm Adways Inc has acquired Pocket Money, a reward-based ad platform of video advertising firm Pokkt, for an undisclosed amount. The Japanese firm has launched a subsidiary in India, Adways Innovations India Pvt Ltd, before the acquisition, said an announcement.

Pocket Money is currently installed by over six million users in India and helps app developers to acquire and engage customers in a targeted way. It brings together the rewards-for-engagement platform with offers and value exchange in return for a multitude of redemption options.

Yu Ishida, country manager, Adways India, said: "Pocket Money is one of India's leading incentivising app. We are excited to enter the country with such a dynamic and young team as Pocket Money. Launching Adways India and acquiring Pocket Money is another step towards consolidating our foothold in the Asian market."

Rohit Sharma, founder and chief executive, Pokkt said: "Pocket Money today is amongst the top 5 Apps in the category with huge traction. We have built Pocket Money as a successful and profitable business in less than 18 months."

However, the company wants to focus on its core business of "POKKT Video Ads", which is a Mobile Video Ad Platform for Games in India and South East Asia.

The announcement quoting a report by Counterpoint Research said that India has become the second-largest smartphone market in terms of active unique smartphone users with 220 million users, surpassing the US market, followed by China and expected to reach 700 million by 2020. Mobile advertising market has also grown by 200% every year since 2013 in proportion to the growth of smartphone penetration.