Venture capital firm Sequoia Capital India Advisors has also invested $5m in Sourcebits' first round as well as IDG Ventures India Advisors. Sourcebits will use the money to set up its US development centre.
US-based publisher International Data Group’s Indian corporate venturing subsidiary has invested $5m in Sourcebits, a third-party mobile and tablet applications developer that has just celebrated its fifth birthday, to help it set up a development competition.
Venture capital firm Sequoia Capital India Advisors has also invested $5m in Sourcebits’ first round as well as IDG Ventures India Advisors. Sourcebits will use the money to set up its US development centre.
Sourcebits added it was "also setting aside a portion of the funds to host a development contest where we scour the planet for top talent with amazing ideas and give them an opportunity to make their dreams come true".
