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| Bangalore based mGinger gets $2 million VC funding |
Bangalore, India, November 28, 2007, Economic Times:
mGinger, a Bangalore-based start-up in mobile advertising, today announced that it has attracted $2 million in funding from Draper Fisher Jurvetson and NEA-IndoUS Ventures. The company will use proceeds of the financing to significantly grow its business, build up their technology stack and ramp up their marketing and sales force.
mGinger provides advertisers with permission-based, targeted marketing. mGinger enables advertisements including offers, vouchers, news and more, sent in the form of SMS on consumers' mobile phones. These advertisements are specific to consumer interests and demographics mentioned during sign-up (www.mginger.com) and received only in the timings that consumers specify. An additional value-add for consumers, is the earning potential of receiving these advertisements, which is redeemed through a gift cheque from mGinger.
"We at mGinger believe that there is much more to mobile phones than receiving advertisements through text messages." said Chaitanya Nallan, CEO, Gingersoft Media Private Limited. "With this funding, we look forward to bringing a lot more innovative services to mobile users in the near future and opening up this potentially huge market in India. We are delighted to have investors like DFJ and NEA partner with us in this venture."
"We are ecstatic about not only what mGinger has accomplished but what the prospects are." said Mohanjit Jolly, Executive Director, Draper Fisher Jurvetson. "The ubiquitous presence of the mobile phone in India and the SMS usage makes this a highly promising market and serves as a potential 'holy grail' for consumers as well as advertisers."
"The huge market potential, the effectiveness of this new medium of advertising and the uniqueness of mGinger's offering makes this a very attractive investment for us. The mGinger platform solves critical problems like content composition, cost of campaign and return on investment measurability for advertisers" said Sateesh Andra, Venture Partner, Draper Fisher Jurvetson. "Besides, mGinger also has a brilliant leadership team which has taken the company well-ahead of the others in this space."
"The current way of marketing on mobile phones needs to change from an intrusive model to a permission-based model where customers dictate the type of advertisements received. mGinger's offering is a creative model offering great value to the consumer and a cost effective solution for the advertiser." said Vani Kola, Managing Director, NEA-IndoUS Ventures. "With this solution advertisers can track the effectiveness of advertising spends against results received, creating a win-win for both advertisers and consumers. mGinger has created a solution which will have a long term impact on the mobile advertising space and we are excited to be a part of this sea change."
With over 200 million mobile subscribers in India, advertisers can target a specific base of consumers in a meaningful way, allowing them to see a much higher rate of return on their investment. The direct and personal nature of the mobile phone ensures immediate reach, without being viewed as mobile spam.
About mGinger
mGinger is a Bangalore-based start-up in the mobile advertising space. The company was started by Chaitanya Nallan, Veerendra Shivhare and Anil Sharma in April 2007 and offers permission based marketing to advertisers.
About Draper Fisher Jurvetson
Draper Fisher Jurvetson is the preeminent venture capital firm with global presence through a network of partner funds, with offices in more than 33 cities around the world and over $5.5 billion in capital commitments. DFJ's mission is to identify, serve, and provide capital for extraordinary entrepreneurs anywhere who are determined to change the world. Over the past twenty years, DFJ has been proud to back more than 300 companies across many sectors including such industry-changing catalysts as Hotmail (acquired by MSFT), Baidu (BIDU), Skype (acquired by EBAY), United Online (UNTD), Overture (acquired by YHOO), Athenahealth (ATHN), EnerNOC (ENOC), Interwoven (IWOV), Four11 (acquired by YHOO), Parametric (PMTC), and Digidesign (acquired by AVID).
DFJ's India portfolio includes DVD rental company Seventymm.com, electric car maker Reva, mobile payment company mCheck, internet ad network Komli, and out of home TV company LiveMedia.
About NEA-IndoUS Ventures
NEA-IndoUS Ventures is a leading venture capital firm which provides early and mid-stage funding to new or growing businesses in India. Our team comprises experienced entrepreneurs and executives who understand the model of incubating ideas and transforming them into successful enterprises. We understand that entrepreneurs are driven by an inner urge to foster change and build enduring companies. These entrepreneurs create path-breaking ideas, enable inorganic growth, and work to transform society for the better. We believe entrepreneurship is not about qualifications or past track records; visionary entrepreneurs can emerge from all walks of life.
It is our privilege to fund these entrepreneurial ideas and offer collaborative partnerships. We invest in tomorrow's business leaders, explosive new markets and enterprises that will transform our future. We foster close partnerships with our portfolio companies, and build strong relationships based on integrity, trust and mutual respect. At NEA-IndoUS Ventures we are committed to redefining Indian entrepreneurship and are excited about India's potential to be an innovative player in the global market. Our approach to investing and our philosophy of building successful companies makes us the ideal partner for entrepreneurs.
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