Apalya Raises $7.5 Million, Led by IndoUS Venture
Hyderabad based Apalya has raised $7.5 million funding (third round) let by IndoUS Venture Partners (IUVP). Existing investors, IDG Ventures India and Qualcomm Ventures also participated in this round.
Apalya aggregates premium entertainment content from different content providers, and then optimizes the content to be suitable for small screen or mobile viewing. Apalya’s USP lies in delivering the best possible mobile entertainment experience based on the type of the device and the kind of network being used.
The core product, MiMobi offers rich video streaming of channels on phone and the company has tied up with 13 telecom operators (revenues are in the range of $3million – $5 million).
Apalya will use the funds to expand into international markets (South East Asia by this quarter). Apalya earlier raised Rs. 2 Crores from Mumbai Angels and $3mn from IDG Ventures and Qualcomm Ventures.