Sunday, November 15, 2009

IMImobile Raises $13 Million From Sequoia Capital, Others

IMImobile has raised $13 million in a financing round, led by Sequoia Capital and existing investor First Mark Capital.

“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,'' IMImobile founder and CEO Mr Vishwanath Alluri said.

IMImobile's services are currently accessible to 500 million subscribers of over 40 operator customers in 66 countries.

“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,'' Mr Bhatnagar said.

Alluri stated that the funding will help them develop the cloud infrastructure for tier I telecom operators and allow them to expand their customer base and account penetration through acquisitions.

“Sequoia Capital’s global experience and strong local expertise will be a key differentiator as we look to launch into our next phase of growth,” said Alluri.

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