Bangalore, India: Sequoia Capital and IDG Ventures India today announced an investment of $5 million each in Sourcebits, the global leader for consumer and enterprise mobile app development. Sourcebits is the leading third-party developer of innovative applications for mobile devices, with 300 engineers and designers working on a strong global client portfolio.
Sequoia Capital and IDG Ventures India are the first investors in Sourcebits. The investment will help Sourcebits expand their footprint globally and locally. The funds will be utilized to set up engineering and sales centers in the United States, as well as augmenting a design engineering team in India and Europe. The company will also initiate a competition that will foster new thought, with the top 3 winning ideas being developed to create cutting edge mobile applications.
Shailendra Singh, Managing Director, Sequoia Capital, said "Sourcebits is the leading mobile app development company today and already has a fantastic portfolio of global clients and best-selling apps. The company has developed over 300 apps, 20 of which are in the top 100 in leading app stores. We are thrilled to partner with the team at Sourcebits and are confident that their award winning design and development team will continue to be a top destination for companies looking to create world class apps."
Manik Arora, Founder and Managing Director, IDG Ventures India, said, "The market for mobile applications is experiencing phenomenal growth and is expected to hit $35 billion by 2014 according to IDC. Within this, third-party app developers are providing the focused technical and creative skills, speed and quality to make the market a reality. Sourcebits stood out to us as the emerging global leader for third-party mobile application development. We are excited to partner with home-grown entrepreneur Rohit Singal and his global management team to help them achieve their vision for Sourcebits."
Rohit Singal, Founder and CEO, Sourcebits, said "We are excited to have Sequoia Capital and IDG Ventures India on board with us as we look at expanding our operations. Having the backing of these two investors will give us the added impetus to innovate, excel and grow as market leaders in mobile and web applications."