Canaan Partners, Sequoia invest Rs 35 crore in AdNear

The location-based mobile advertising company had raised funding from Rediff.com in 2009

Location-based mobile advertising platform provider AdNear has raised Rs 35 crore in Series A funding from Sequoia Capital and Canaan Partners.

The Bangalore-based company said the additional finances will be used to support its expansion into the Asia Pacific (APAC) region and towards growing the team.

Using the location data of a user, the company helps advertisers provide more relevant and targeted advertisement on mobile phones. According the company, the location details are collected using GPS or with the operators assistance.

“Location based advertising is growing significantly, brands are increasingly getting competitive about extending their visible reach and are looking at more interactive communication platforms,” Anil Mathews, Founder & CEO, AdNear said.

The company, formerly called as Imere Technologies, had launched a location based app in 2009 called as 'Ohe' and had also raised funding from rediff.com.

Presently, the company provides mobile ads in markets like India, Singapore, Australia, and other Asia-Pacific countries. AdNear services are currently used by major brands and advertisers including Toyota, Titan, Ford, PizzaHut, Samsung, Nokia and Airtel.

“AdNear offers a unique opportunity for brands to engage with their consumers in a relevant yet non-intrusive way. The company is now ready to expand at an international level," said Mohit Bhatnagar, Managing Director, Sequoia Capital.