Two of India’s top early-stage investors, Unilazer Ventures and IDG Ventures India, have coxswained a $1.5-million (Rs 9.1 crore) round of funding in New Delhi and San Francisco-based mobile re-targeting startup SilverEdge Technologies.
The 18-month venture, which owns and operates SilverPush – a cross-device platform that allows major consumer brands to track users across the mobile web and apps – will make use of the proceeds to be able to build its technology team besides setting up its sales and business development teams in the US.
Despite the fact that the financial terms were not disclosed, angel investors including Prashant Mehta, former chief executive of digital advertising firm Komli Media; Fabrice Grinda, founder and former CEO of online classifieds firm OLX; and Krishnan Ganesh, founder of Tutor Vista, have also come in to invest. “This round will help us build and fine-tune our technology and make further inroads in the US market,” held Hitesh Chawla, 31, cofounder and chief executive of SilverEdge.
Standing investors in the company, a list that comprises GSF Accelerator and Dave McClure-founded incubator 500 Startups, have also participated in the latest round. Both GSF and 500 Startups had put in a total of $100,000 (Rs 60.1 lakh) in the venture, previous year. Chawla and his cofounder Mudit Seth, 28, founded SilverEdge in 2012. The company counts marquee brands such as Dominos, Toyota, Samsung and Airtel among its clientele.
The transaction from its barrio is the latest in a string of investments made by both Ronnie Screwvala-founded family office Unilazer Ventures and IDG Ventures India, one of the most active technology-focused earlystage investors in the country, in fiscal 2014.
“We believe that SilverPush is doing some really disruptive work, and we have been very bullish in areas of mobile and advertising technology, and on the future potential of these markets,” alleged Ronnie Screwvala. Since January this year, Unilazer has invested in Mumbai-based Lebanese themed restaurant chain Maroosh, and online grocery retailer EkStopShop.
Unconnectedly, IDG Ventures India, which counts companies such as online fashion retailer Myntra and information risk management systems company Aujas Networks in its portfolio, has also been very active since the beginning of the year.
The venture capital firm has invested in Newgen Software, iPof Learning Solutions and e-commerce venture FirstCry. The investment in SilverEdge has been made from IDG Venture’s second India-focused fund.