IDG Ventures India invests $3 mn in Vserv

Mobile advertising company Vserv said it has received USD 3 million funding by IDG Ventures India.

“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 monetisation solutions for the global app developer community,” Dippak Khurana,Founder and CEO,Vserv said in a statement.

The investment represents the first venture capital investment in mobile advertising in India since 2008 and is the first institutional investment into Vserv,the statement said.

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As part of the investment,Manik Arora and Karan Mohla from IDG Ventures will join Vserv’s Board of Directors.

IDG Ventures India is a venture capital fund investing in technology-related product and services companies in India.

Vserv mobile advertising network is focused on emerging markets and the company says that it has advertising service in over 200 countries.

Manik Arora,Founder and Managing Director,IDG Ventures India said IDG ventures invested in Vserv after doing research in mobile advertising market.

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“The global In-App advertising market will grow from USD 900 million this year to roughly USD 5 billion in 2015,according to IDC. We found Vserv taking a leadership role from India and starting to expand to emerging markets abroad,” he added.

Vserv said its ad platform is currently getting over 6 billion mobile ad requests every month and is serving mobile ads in over 200 countries.

The company has delivered mobile advertising solutions for over 50 multinational brands such as Google,Yahoo,Nokia,Nike,Samsung and Vodafone,the statement said.