IDG Ventures, Qualcomm Ventures pick up stake in Apalya Tech
Hyderabad-based mobile video platform developer Apalya Technologies today said it has received funding of USD three million from IDG Ventures India and Qualcomm Ventures.
Apalya Technologies develops mobile video delivery platform for seamlessly streaming video content to mobile phone consumers. It aggregates premium entertainment content from different content providers, content aggregators and mobile advertisers and then delivers the same on mobile handsets optimising content for viewing on small-screens.
” Apalya fits well with the fund&aposs criteria of a good team, disruptive technology and a large opportunity in mobile VAS space, as Mobile TV/ Video has been a&aposKiller-App&aposin other 3G markets,”IDG Ventures India Founder and Managing Director T C Meenakshisundaram said.
The mobile VAS market has grown by around 60 per cent year on year and is estimated to touch Rs 25,100 crore in FY 2009-10, he added.
Apalya plans to utilise the funds to build its presence in India, and to significantly enhance its service offering initiatives.
source: indopia
