Mobile application developer Twist Mobile raises fund from Matrix Partners
Indore-based, mobile application development firm, Twist India Private Limited has raised undisclosed Series A investment from Matrix Partners India. Twist Mobile develops games that can be downloaded onto internet-ready feature phones. It primarily focuses on applications for Nokia devices.
Following this investment, Rishi Navani, managing director of Matrix Partners and Vikram Vaidyanathan, vice-president , Matrix Partners, will join the board of Twist Mobile. The fund will be used for developing new products, strengthening the current product line and acquiring new talent.
Speaking to Techcircle.in, Virat Khutal founder of Twist Mobile said, "The company plans to develop apps and content delivery for low end devices like Symbian series 40 and developing city based applications with local content for rural India." Khutal said Twist Mobile will set up an office in Vietnam in 15-20 days with about 30 employees.
Earlier, the company raised a series of seed round from Achal Choudhary, also the president of IPS academy Khutal said Twist Mobile, which has a team of 45, will increase the team to 120 by the end of the year.
Khutal, an an alumnus of Pune Institute of Computer Technology, founded Twist Mobile in 2009. He has previously worked with Gameloft India.
The company, which monetizes through ad revenue model, expects the money to last for 18-24 months. "Post that, we might go for fresh round of funding and repositioning of our products," said Khutal.
"Matrix Partners' domain knowledge about mobile is bound to bear fruit for us. The high quality understanding of the mobile ecosystem and brainstorming sessions, will help us scale up the business further," said Khutal.
(Edited by Prem Udayabhanu)