AppsDaily raises $3.75 million from founders, others
AppsDaily, a mobile protection and security firm, says the fresh capital would be used to finance growth plans
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New Delhi: Mumbai-based mobile protection and security firm AppsDaily Solutions Pvt. Ltd said it secured Rs25 crore ($3.75 million) from founders and existing investors.
The fresh capital would be used to finance growth plans, AppsDaily said in a statement.
The company’s existing investors include Zodius Capital, Kalaari Capital, Qualcomm Ventures, Russian venture capital fund Ru-Net and Mumbai Angels. It has raised a total of about Rs150 crore in earlier rounds of funding.
Founded by Arun Menon and Ajay Menon in 2009, AppsDaily develops and markets mobile applications in India and abroad.
Its current products include mobile anti-virus, mobile insurance, back-up solutions, mobile privacy, mobile utilities and games, and are sold under the brand name ‘Daily’ such as Daily Cop, Daily Protect, Daily Assure and Daily Complete Security.
“We are very excited about the overall growth in the mobile protection and security market, which is driven by the strong surge in smartphone sales in the country, along with an increasing awareness among customers on mobile protection and security products,” said chief executive Arun Menon, adding, “we believe India will be a huge market for mobile protection and security in 3-4 years.”
The company started off as Onward Mobility and was later re-branded as AppsDaily.
Ajay Menon previously founded Ambrosia Infotech, a product engineering and consulting services provider.
Arun Menon, who holds a B Tech degree in mechanical engineering from IIT-Bombay, has earlier worked at BillDesk and Tata Infotech.
AppsDaily, which says it has over two million customers, operates in more than 700 cities with more than 400 distributors and 10,000 outlets, as per information available on its website.
The company’s board includes Vani Kola of Kalaari Capital, Gautam Patel of Zodius Capital, Galina Chifina of Ru-net and Rajiv Dadlani, founder and chief executive of Consort Capital Services.