App Development Company SourceBits Raises $10 million From Sequoia Capital and IDG Ventures

In Deal Flow by NextBigWhat1 Comment

App development company Sourcebits has raised $10 million funding from Sequoia Capital and IDG Ventures, in order to expand to US market.

For the year ending March 2011, Sourcebits posted revenues of $6.5 million and one of its app, Night Lamp has been the #2 app in Apple app store and the app itself has gotten revenues of $1 million for the company.

Post this series A funding, SourceBits will expand the engineering and sales team to US market.

Given that app platforms like Android have democratized the global mobile space, expect a lot of Indian companies to go aggressive in global markets.

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Comments

  1. Niraj

    Which goes to prove that 80% of the time VCs in India are just providing growth capital to established companies. Where’s the Venture in this Venture Capital?

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