MUMBAI: Location-based mobile advertising platform AdNear raised Rs 350 million ($6.3 million) from Sequoia Capital and Canaan Partners in the first round of early-stage venture funding. The company leverages real-time geo-location, combined with consumer behaviour, to target relevant users.
The company intends to utilise the funds raised towards expanding its operations in the Asia Pacific region. AdNear is also looking at expanding its team. Currently, the company services clients across the Asia Pacific region including Australia apart from India and Singapore. AdNear has offices in Singapore and Bangalore.
AdNear was set up in 2009 by Anil Mathews and has offices in Singapore and Bengaluru. It was earlier called Imere Technologies. AdNear‘s ad platform is built on proprietary hybrid geo-location platform, which helps provide location awareness on mobile phones without GPS or operator assistance. Its clients include brands like Titan, Ford, Toyota, Pizza Hut, Samsung, Airtel and Nokia.
By leveraging real-time geo-location and combining it with consumer behaviour, the platform allows brands to target relevant users within a geo-fence. This allows them to reach out to a larger audience making the communication more geographically relevant for the advertiser and the consumer. The ad platform is available on smart phones and feature phones.
Canaan‘s current technology investments in India include Naaptol, BharatMatrimony and UnitedLex and Sequoia has invested in companies like Café Coffee Day, Idea Cellular, Just Dial, Manappuram Finance, Paras, Quick Heal, Micromax, Mu Sigma and Vasan Health Care.