AppsDaily Solutions raises Rs 100 crore in funding from Zodius capital

AppsDaily Solutions, a retail distribution channel for selling Mobile Apps, has raised Rs 100 crore from Zodius Capital.

The round saw the participation of venture capital investors Kalaari Capital, ru-Net Ventures and Qualcomm Ventures.

AppsDaily Solutions is founded in the year 2009 by Arun Menon and Ajay Menon. Arun Menon is an IIT Bombay graduate with 15 years of experience in marketing products in the mobile internet space. Ajay Menon, having 18 years of entrepreneurial track record have successfully run three diverse businesses.

The seven years old venture pivoted its vision on the growth of smartphones which is projected to reach over 500 million customers in India by 2018. Today, the mobile app company operates in 400 plus cities, with more than 400 distributors, 10,000 plus outlets and 2500 plus In store demonstrators.

"We have more than 2 million happy customers, most of whom took their first step into the world of apps through us," said Arun Menon.

"We intend to expand our channel to more than 1000 towns and more than 100,000 outlets in the next 2 years. We have many exciting products across education, healthcare, entertainment and protection coming up," said the other co-founder, Ajay Menon.

What works for consumers with AppsDaily model is that they can come back to the store if they have any problem, unlike Google or Apple app stores which only have a virtual presence.

"AppsDaily is in a market defining position providing mobile applications to the fast-growing India-wide smartphone customer. They provide a very important bridge to the Indian digital consumer who wants access to best-inclass services but is still grappling with bandwidth availability and cost issues," said Gautam Patel, Zodius Capital.

Zodius invests in India-centric businesses targeting the Enterprise Software & Services, Big Data and Analytics and Consumer Mobile or Internet markets.

"The strong advisory team based in Mumbai adds significant domain expertise, operational experience and global networks to the portfolio companies in order to develop them as highly valued market leaders in both Indian and global markets. The portfolio is supported by an experienced and cohesive advisory team, which has worked together for several years in a combination of investing and operating roles," said Zodius.