ZipDial raises funds from Times Internet Limited in an all cash deal
The investment comes barely two weeks after the company raised about $500,000 from Silicon Valley based 500 Startups. Zipdial had raised about $800,000 from Mumbai Angels in April last year.
The Times Group, whose business publication The Economic Times reported the deal, has been a Zipdial customer for more than 15 months. The ZipDial investment is an all cash deal by the group which is known to enter into “private treaties” with companies by offering advertisement in exchange of equity.
Zipdial Mobile Solutions, which provides phone based marketing solutions to customers has plans to expand in South Asia, its Founder & CEO Valerie Wagoner had said in an earlier interview. In January 2013, the company will launch operations in Bangladesh.
The startup which was founded in 2010, says it has nearly 400 customers and is on track to hit 5x revenues from last year.
Ever since Satyan Gajwani, the CEO of Times Internet Limited took over the reins, the company has made a few acquisitions and has streamlined its offerings. Last month, TIL announced its plans to shut down its e-mail service by February 2013.
Yesterday, Times Internet Limited announced that it will invest in Fab.com, a social commerce site which is looking to get more aggressive in India. Last month, Times Internet acquired MensXP.com, a lifestyle content site for Indian men.
The Times Group has also invested in ZopNow– the online grocery retailer, Delhivery– an e-commerce logistics player and a few others.
“We don’t have a defined fund size..so far our investments have been between $100,000 and $10 million and we are happy to evaluate deals that are larger or smaller,” TIL CEO Satyan Gajwani wrote in a blogpost today.