By Biswarup Gooptu
NEW DELHI: Two of India's top early-stage investors, Unilazer Ventures and IDG Ventures India, have led a $1.5-million (Rs 9.1 crore) round of funding in New Delhi and San Francisco-based mobile re-targeting startup SilverEdge Technologies.
The 18-month venture, which owns and operates SilverPush - a cross-device 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 teams in the US.
While the financial terms were not disclosed, angel investors including Prashant Mehta, former chief executive of digital advertising firm Komli Media; Fabrice Grinda, founder and former CEO of online classifieds firm OLX; and Krishnan Ganesh, founder of Tutor Vista, have also come in to invest. "This round will help us build and fine-tune our technology and make further inroads in the US market," said Hitesh Chawla, 31, co-founder and chief executive of SilverEdge.
Existing investors in the company, a list that includes GSF Accelerator and Dave McClure-founded incubator 500 Startups, have also participated in the latest round. Both GSF and 500 Startups had invested a total of $100,000 (Rs 60.1 lakh) in the venture last year. Chawla and his co-founder Mudit Seth, 28, founded SilverEdge in 2012. The company counts marquee brands such as Dominos, Toyota, Samsung and Airtel among its clientele.
The transaction is the latest in a string of investments made by both Ronnie Screwvala-founded family office Unilazer Ventures and IDG Ventures India, one of the most active technology-focused earlystage investors in the country, in 2014.
"We believe that SilverPush is doing some really disruptive work, and we have been very bullish in areas of mobile and advertising technology, and on the future potential of these markets," said Ronnie Screwvala. Since January this year, Unilazer has invested in Mumbai-based Lebanese-themed restaurant chain Maroosh, and online grocery retailer EkStopShop.
Separately, IDG Ventures India, which counts companies such as online fashion retailer Myntra and information risk management systems company Aujas Networks in its portfolio, has also been very active since the beginning of the year.
The venture capital firm has invested in Newgen Software, iProf Learning Solutions and e-commerce venture FirstCry. The investment in SilverEdge has been made from IDG Venture's second India-focused fund.