IMImobile, an end-to-end provider of converged mobile and online value-added services (VAS) for mobile operators and enterprises, has raised US$13 million in a financing round led by Sequoia Capital and First Mark Capital, its existing investor.
Spark Ventures, the founding partners of IMImobile had provided the seed capital. The MAPE Advisory Group acted as advisor to IMImobile for the investment.
The funding will enable the company to begin its next phase of growth, which is the development of a cloud infrastructure. "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," said Vishwanath Alluri, founder and CEO of IMImobile, in a statement. He went to state that the dynamic and competitive mobile data services market along with changing network technologies and content sourcing complexities need to be managed effectively. The result will allow companies to offer successful data services.
"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," said Mohit Bhatnagar, managing director, Sequoia Capital India. With this funding Bhatnagar will join the IMImobile board.
IMImobile's services are powered by 450 high-end servers hosted in data centers in London, Miami, Dubai, Mumbai and Hyderabad. These are centrally monitored and managed from the company's VNOC in Hyderabad.
Sequoia Capital has also funded market leaders like Cisco, Google and Apple in the past. Other companies include SKS Microfinance, Cafe Coffee Day and Just Dial.
