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India,United States : IDG & UNILAZER invests Rs 9 crore in SILVEREDGE TECHNOLOGIES.

India s top early-stage investors, Unilazer Ventures and IDG Ventures India, led a $1.5-million (Rs 9.1 crore) round of funding in mobile re-targeting startup SilverEdge Technologies.

The venture owns and operates SilverPush, a platform that allows major consumer brands to track users across the mobile web and apps, will use the proceeds to build its technology team and setting up its sales and business development in the US.

The financial terms were not disclosed, angel investors including Prashant Mehta, from Komli Media; Fabrice Grinda, from OLX; and Krishnan Ganesh, of Tutor Vista, have come in to invest.

This will help to build and fine-tune the technology and make inroads in the US market.

The transaction is the latest in a string of investments by Unilazer Ventures and IDG Ventures India.

Separately, IDG Ventures India counts companies such as online fashion retailer Myntra and Aujas Networks in its portfolio. The venture capital firm invested in Newgen Software, iPof Learning Solutions and e-commerce venture FirstCry. The investment in SilverEdge has been made from IDG Venture's second India-focused fund.

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Publication:Mena Report
Geographic Code:9INDI
Date:Apr 8, 2014
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