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AppsDaily Solutions Pvt Ltd, a limited, mobile application development and distribution company, has raised Rs 100 crore in its third round of institutional funding, led by Zodius Technology Fund.
Apart from Zodius Technology, Ru-Net Ltd, Indo-US Venture Partners (IUVP), and Qualcomm Ventures also took part in this round. Mumbai Angel investors partially exited in this round, the company said in a statement.
"This funding allows us to go forward in executing our plans to become the largest mobile apps and digital platform in the country," said Arun Menon, Founder & CEO, AppsDaily.
Gautam Patel of Zodius Technology Fund has joined the company's board. The other investor-directors on the board are Vani Kola from IndoUs Venture Partners, Galina Chifina from Ru-Net, and Rajiv Dadlani from the Mumbai Angels, and Varsha Tagare from Qualcomm Ventures, who serves as an observer on the board.
The investment funds will be primarily used to expand the company’s product offering, launch its digital platform, further expand its retail distribution reach and make some key hires to further strengthen its management team.
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