Sequoia Capital, the venture and growth capital firm, has led a $13 million financing round in IMImobile, a Hyderabad-based end-to-end provider of mobile and online value-added services to mobile operators and media companies.
FirstMark Capital, a New York-based venture investor, is a returning investor in this round of financing.
Mohit Bhatnagar, managing director at Sequoia Capital India, will join the board of the company.
IMImobile’s services are accessible to 500 million subscribers of more than 40 operators in 66 countries. The company’s products include a core service delivery platform, mobile advertising platform, carrier grade messaging platforms, applications for data services and full track music download services. It counts the likes of Airtel, Vodafone, Virgin Mobile, Google, Reuters and Yahoo! among its clients.
The company will use the capital invested to develop its infrastructure for Tier I telecom operators and pursue inorganic growth. IMImobile has seen “tremendous growth over the years and continues to expand into diverse geographies,” Bhatnagar said in a statement.
FirstMark Capital was formerly known as Pequot Ventures. The firm spun out from parent hedge fund manager Pequot Capital in June 2008. FirstMark assumed the management operations of Pequot Ventures and responsibility for the firm’s $2 billion in assets under management. The firm is focused on investments in technology companies.
Sequoia Capital currently manages about $1.8 billion for venture and growth capital investments in India and has invested in more than 50 Indian companies. Globally, the firm has offices in the US, China, India and Israel.
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