Location-based mobile advertising firm AdNear raised Rs.35 crore
through its first round of funding from private equity partners Sequoia
Capital and Canaan Partners to expand its operations in the Asia-Pacific region.
"The fresh capital will be used to fund our expansion in the APAC
region and ramp up our team, as location-based advertising is growing
and brands are keen to extend their reach on interactive platforms like
smart phones," AdNear chief executive Anil Mathews said in a statement
here Wednesday.
As pioneers in the domain space, the city-based enterprise helps
advertisers reach the target audience in Australia, India and Singapore
in the region by leveraging precise location, behaviour and profiling of
consumers.
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