Bangalore, India— May 11, 2011: Sequoia Capital and IDG Ventures India today announced an investment of $5 million each in Sourcebits, the global leader for consumer and enterprise mobile app development. Sourcebits is the leading third-party developer of innovative applications for mobile devices, with 300 engineers and designers working on a strong global client portfolio.
Sequoia Capital and IDG Ventures India are the first investors in Sourcebits. The investment will help Sourcebits expand their footprint globally and locally. The funds will be utilized to set up engineering and sales centers in the United States, as well as augmenting a design engineering team in India and Europe. The company will also initiate a competition that will foster new thought, with the top 3 winning ideas being developed to create cutting edge mobile applications.
Shailendra Singh, Managing Director, Sequoia Capital, said “Sourcebits is the leading mobile app development company today and already has a fantastic portfolio of global clients and best-selling apps. The company has developed over 300 apps, 20 of which are in the top 100 in leading app stores. We are thrilled to partner with the team at Sourcebits and are confident that their award winning design and development team will continue to be a top destination for companies looking to create world class apps.”
Manik Arora, Founder and Managing Director, IDG Ventures India, said, “The market for mobile applications is experiencing phenomenal growth and is expected to hit $35 billion by 2014 according to IDC. Within this, third-party app developers are providing the focused technical and creative skills, speed and quality to make the market a reality. Sourcebits stood out to us as the emerging global leader for third-party mobile application development. We are excited to partner with home-grown entrepreneur Rohit Singal and his global management team to help them achieve their vision for Sourcebits”.
Rohit Singal, Founder and CEO, Sourcebits, said “We are excited to have Sequoia Capital and IDG Ventures India on board with us as we look at expanding our operations. Having the backing of these two investors will give us the added impetus to innovate, excel and grow as market leaders in mobile and web applications.”
Sourcebits has built its formidable reputation with a strong lineup of apps for iPhone, iPad, Android, BlackBerry, Palm Pre and Windows 7 mobile platform using design-led engineering. The company has years of experience and its client base includes companies ranging from Fortune 500 companies to small start-ups. Some of the most popular apps developed by Sourcebits include Robokill, Knocking Live, Daily Deeds, Night Stand, Skyfire, Beast Farmer and more. The application Night Stand, an app which converts the iPhone/iPad into an alarm clock, reached the number two spot for All Time Top Download on the iTunes App Store within four days of its release and has been downloaded more than 3 million times. Knocking Live, the first live streaming app for iOS, developed by Sourcebits has more than 2.3 million downloads.
About Sequoia Capital
Sequoia Capital currently manages funds capitalized at close to US $1.4 billion and invests across venture, growth and late stage opportunities in India. It takes a long term view on investments and plays the role of an active, value added partner to entrepreneurs, business families and management teams. Over the last 10 years, Sequoia Capital has invested in more than 50 Indian companies including Café Coffee Day, Comviva (Bharti Telesoft), Fashion&You, Idea Cellular, Just Dial, Manappuram Finance, Paras, Shaadi.com, Quick Heal, Micromax and Vasan Health Care. Sequoia Capital operates out of offices in Bangalore, Mumbai and New Delhi.
Globally, Sequoia Capital has an unparalleled track record of partnering with entrepreneurs to create global market leaders. Sequoia Capital has been an early investor in companies such as Google, Cisco, Yahoo, YouTube, Oracle, and Apple Computers. Sequoia Capital maintains dedicated teams in the US, China, India and Israel.
For more information, please visit: www.sequoiacap.com/india
About IDG Ventures India
IDG Ventures India is a US$150 Million venture capital fund investing in technology-related product and services companies. The fund is part of IDG Ventures, a global network of technology venture funds with over $3.7 billion under management, over 220 investee companies and 10 offices across Asia and North America. IDG Ventures makes investments on behalf of its Limited Partners, including its principal investor and sponsor, International Data Group (IDG), the world's largest IT media company. By combining the IDG platform— an unparalleled combination of global publishing, market research (IDC), and conferences and exhibition resources— with years of hands-on experience in early-stage company building, IDG Ventures helps its investee companies understand their markets better and penetrate them faster than their competition.
Leading technology companies that IDG Ventures has invested in include Netscape, BabyCenter, F5 Networks, Service Metrics and VA Linux in North America and Baidu, Ctrip, Sohu, Tencent and VinaGame in Asia. The IDG Ventures India portfolio consists of 3DSoC, Agile Financial, Apalya, Aujas Networks, ConnectM, iCreate, iProf, iViZ, Kreeda Games, Manthan Systems, Myntra, Ozone Media, Perfint and Sourcebits.
For more information, please visit: www.idgvcindia.com
Sourcebits builds world-class, best-selling applications tailored to client specifications for various platforms like iPhone, iPad, Android, BlackBerry, Palm Pre, RIA at its development center. The company’s programmers and user interface experts leverage the latest development trends and the freshest techniques with cutting edge solutions. Sourcebits is an industry leader in advanced software, Web portal and visual design. Sourcebits is a global leader in mobile app development and is one of the most creative and forward-looking software development companies in the world.
For more information, please visit: www.sourcebits.com
For further information, please contact:
Sashi B Ghising