Chiratae News

IDG Ventures, Sequoia invest $5 m each in Sourcebits

The Hindu Business Line

May 12, 2011

Mumbai, May 11: Sequoia Capital and IDG Ventures India have invested $5 million each in Sourcebits, an enterprise mobile application company. The $7-million Sourcebits will predominantly use the funds to set up engineering and sales centres in the United States in addition to augmenting its design engineering team in India and Europe.

Bangalore-based Sourcebits has developed has developed over 300 applications for iPhone, iPad, Android, BlackBerry, Palm Pre and Windows 7 mobile platform. The application Night Stand — an application which converts the iPhone/iPad into an alarm clock — reached the number two spot for all-time top download on the iTunes application store within four days of its release.

According to a report from IDC, the market for mobile applications is experiencing phenomenal growth and is expected to hit $35 billion by 2014.

Going forward, Sourcebits plans to add to its current worldwide headcount of 300.

“We will commence fresher hiring’s from top institutions…we should be a 500-employee strong company in the next six months,” said Mr Rohit Singal, Founder and Chief Executive Officer of Sourcebits.

Both Sequoia and IDG, who are the first investors in Sourcebits, are likely to remain invested in the company for the next 5-7 years.