Pokkt has closed $2.5 million in funding. JAFCO Asia led the round with participation from SingTel Innov8, Jungle Ventures and K Ganesh. Headquartered in Mumbai, Pokkt is an alternate monetization platform for app developers and publishers.
POKKT (Pocket), an alternate monetization platform for App Developers and Publishers, and part of GSF Accelerator’s first batch in Mumbai, announces its Series A funding of US$2.5 million led by JAFCO Asia, the venture capital firm headquartered in Singapore, with participation from SingTel Innov8, and existing investors Jungle Ventures and K Ganesh.
A year ago, POKKT raised a seed round from Jungle Ventures and Samir Bangara.
POKKT was founded by Rohit Sharma, Ex-CEO, Digital Business Reliance ADA along with ex-colleagues Vaibhav Odhekar and Sharad Ingule. POKKT is helping App developers and Publishers solve their two biggest challenges today – “Discovery” & “Monetization”. Using its Android, iOS and Windows SDK, App owners can see significant increase in monetization, which is over and above to what developers are already making through Ads.
Sharma said “In the past year, we have built a great team, got good traction from Publishers & Advertisers and focused on building a world class product & technology. With this round of funding we want to scale up the business, expand to more than 5000 developers globally and launch more products to help developers get their apps discovered and monetized.”
He added that POKKT has also launched “Pocket Money”, its consumer facing App in July, which will help App developers acquire customers in a targeted way.
Sharma added, that in partnering with JAFCO Asia and SingTel Innov8 for its funding round, POKKT will gain significantly from their extensive network in South East Asia as POKKT plans to quickly expand to those markets as well.
“The emerging markets in SEA is at the cusp of explosion in mobile advertising. POKKT serves a pressing need for the ecosystem and is well-positioned to capture the growing mobile advertising dollars. We are very impressed with the POKKT team’s passion and speed of execution and excited about this partnership,” said Supriya Singh from JAFCO Asia, who will be joining POKKT’s Board.
Mr. Edgar Hardless, CEO, SingTel Innov8 further added “We believe that the team at POKKT is solving a genuine pain point for app developers and publishers. The platform also provides mobile app users more flexibility over how they consume digital contents/apps and advertisers a new marketing channel, creating a winning solution for all stakeholders.”
Amit Anand, Managing Partner, Jungle Ventures concluded “We are excited about this new phase of growth for POKKT. The team has the product set and traction to be a regional category leader in the mobile advertising space”
JAFCO Investment (Asia Pacific) Ltd (“JAFCO Asia”)
JAFCO Asia is one of Asia’s leading venture capital firms. Its primary focus is to invest in promising technology-related enterprises with high growth potential. Headquartered in Singapore, and with entities in Shanghai, Beijing, Hong Kong, Taipei and Seoul, JAFCO Asia has had more than USD 1.3 billion in cumulative funds under management to date. Since 1990, JAFCO Asia has invested in more than 440 companies in 13 countries and had more than 330 exits of which more than 100 have gone public on various exchanges. JAFCO Asia is a subsidiary of JAFCO Co. Ltd, which is one of the largest and oldest private equity firms in Japan and counts Nomura Holdings Group as its largest shareholder. JAFCO Co. Ltd has over USD 4.5 billion currently under management and is listed on the Tokyo Stock Exchange. More information is available at www.jafcoasia.com.
SingTel Innov8, a wholly-owned subsidiary of the SingTel Group, is a corporate venture capital fund, with its own set of decision making, approval and funding processes. It has an initial fund size of S$200 million.
SingTel Innov8 focuses its investments on technologies and solutions that lead to quantum changes in network capabilities, next generation devices, digital content services and enablers to enhance customer experience. It works closely with the ecosystem of leading innovators, developers, government agencies, R&D and capital providers to bring cutting-edge technologies and solutions to the various markets the SingTel Group operates in.
More information is available at innov8.singtel.com
Jungle Ventures is a Singapore based entrepreneur backed venture firm that funds and helps startups scale across Asia Pacific.
We work hand in hand with entrepreneurs through our advisors and principles who are founders and operating execs and uniquely help founders with the information and resources they need to grow their ideas.
Recent investments include travelmob (acquired by HomeAway), ebus (acquired by IMD Group), One Animation, Zipdial and Singapore- India based Mobikon Technologies
Rohit Sharma, Founder and CEO of POKKT
Until January 2013, Rohit was the CEO – Digital Business, Reliance ADA Group and had set-up zapak.com. He was also a founding member of Indiatimes.com. He has over 14 years experience building teams and businesses in Digital Media. Business Today listed him amongst the top 25 young executives in India in 2009. A physics graduate from Delhi University, he has done his MBA from Lancaster University. A Rock Music Enthusiast, he has penchant for Red Wines, single malts and Cigars.
Vaibhav Odekar, Co-Founder, POKKT
Vaibhav is an electrical engineer and MBA from IIM, Lucknow. He has varied experience in banking and the digital industry. Vaibhav was with ICICI Bank where he worked with credit card, gift and loyalty cards, and 3rd party payment processes and payment gateway integration. He was also a founding member at zapak.com. While he is well established in the gaming industry, he spends his free time “testing” his products!
Sharad Ingule, Co-Founder, POKKT
Sharad is a Computer Engineer from KJ Somaiya college of Engineering and MBA from Mumbai University. He has over 10 years of experience in Product Engineering in Web & Mobile. He has previously built products for moneycontrol.com, Bigadda.com and Sony Online.