After raising a bridge round of $2 million from various VC firms in July 2016, AppsDaily has now closed another funding round, worth $3.75 million. This round saw participation of the company’s founders, as well as existing investors.
As said by the company in a statement, the funding raised in the current round will be used to finance its growth plans. However, the company has not specified any of its plan for growing the startup.
The company’s existing investors, who invested in the current round, includes Zodius Capital, Kalaari Capital, Qualcomm Ventures, Russian venture capital fund Ru-Net and Mumbai Angels.
Commenting on this funding, company’s chief executive Arun Menon, said,
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. We believe India will be a huge market for mobile protection and security in 3-4 years.
The company was founded in 2009 by Arun Menon and Ajay Menon. Initially, the company was known as Onward Mobility and was later re-branded as AppsDaily. It develops and markets mobile applications in India, as well as overseas.
Currently, the company’s portfolio of 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.
AppsDaily claims to have over two million customers, operates in more than 700 cities with over 400 distributors and 10,000 outlets.
The company had earlier raised around $16 million in a Series C round of funding led by Zodius Capital with participation from other investors. In October 2013, it had raised over $5 million in Series B funding round from ru-Net, Kalaari Capital and Qualcomm Ventures.
Prior to that, it had raised $4 million in Series A round. The company had raised around $1 million from around a dozen angel investors and seed-stage investor Blume Ventures in 2010.