Mobile VAS provider Apalya Technologies announced today that it has raised $7.5 million in Series-B Funding from IndoUS Venture Partners, IDG and Qualcomm. The company has been in the news consistently for adding more channels to its Mobile TV platform – MiMobi.TV(here and here). The money raised will be used to expand its current portfolio of services and technology platform to gear up to take advantage of the huge opportunity in mobile TV once the 3G roll out is complete.
This round of investment was led by Bangalore based venture capital firm – IndoUS Venture Partners. IDG and Qualcomm made their second investment in the company after they lead the Series-A round in 2009. It also raised funds from the Mumbai Angels in 2008 which exited after the Series-A round.
Mr Vamshi B. Reddy, CEO, Apalya Technologies said “We are pleased to have IUVP on board for this round of funding in addition to IDG and Qualcomm who have been strong supporters of Apalya since its inception. Our strategy is to bring the best of entertainment in the hands of consumers through mobile screens including mobiles, laptops and iPads, the fastest growing mediums across the world. Having partnered with more than 100 electronic channels and almost all telecom service providers Apalya has now clearly established itself as a leader in Mobile TV services and one of the fastest growing companies in India today.”
Today, though the company has over 100 channels on its platform and has also tied up with Tata Teleservices and Reliance Communications to offer mobile TV solutions for their 3G services. Its expenses have outpaced its growth in revenue resulting in increasing operating losses – which is being looked at as cause for concern by industry watchers.