Mobvista raises $32.21m and announces investment of $100m to expand its Indian mobile advertising business

Mobvista new

Mobvista, the mobile advertising network, recently announced that it was to invest $100m to open an office in New Delhi, India by the end of 2015. According to the company, a local presence will help them to better engage with partner and shareholders, but also focus on further expansion within the country.

The news sharply follows its latest funding round of $32.21m led by China’s Shanghai Media GroupMango TV and China Securities. Mobvista plans to use the investment to expand its mobile advertising business overseas and get into game distribution channels. 

Mobvista raises $32.21m

mobvista

Source: mobvista.com

According to a report from IAMAI & KPMG, India is projected to have 236m mobile internet users by 2016 and 314m by 2017. Speaking about its expansion to India, Wei Duan, CEO, Mobvista, said:

wei robin duan

“India is a strategic market for Mobvista. We are witnessing a steep growth in the country and we are determined to draw more attention, resources and focus required to sustain and build upon this momentum. At this rate we are very positive we will have more and more domestic corporations in India turn to Mobvista in coming days.”

Founded in 2013, Mobvista help advertisers and developers to acquire users through performance marketing and traffic monetisation. It received funding of $10m in 2014 from NetEase. The company says it currently delivers 10bn daily ad impressions across 230 countries. It is expected to generate a revenue of 1bn yuan this year.

Clients in China include Baidu.com Inc, Qihoo 360 and Amazon. In India, the company currently has 20 clients including Flipkart, Paytm, OLX, Jabong, Freecharge, Yatra and Newshunt. The company plans to add another 50 potential domestic clients in the country. Duan adds:

“Our ambition is to combine the synergies of global vision and local insight while focusing on emerging markets. The Indian market is poised to offer fertile soil to create businesses worth millions of dollars, turning it into one of the top 3 markets of mobile internet industry along with China and US. Given its unique character, India is a strategic market for Mobvista. We are witnessing a steep growth in the country and we are determined to draw more attention, resources and focus required to sustain and build upon this momentum. At this rate we are very positive we will have more and more domestic corporations in India turn to Mobvista in coming days.”