Mobile video advertising startup Pokkt.com has sold its reward-based Android app, Pocket Money, to Japanese mobile marketing company Adways Inc. for an undisclosed sum.
Rohit Sharma, founder and CEO, Pokkt, said the startup decided to sell the application as it wants to focus more on mobile video advertising, its core business.
The Japanese acquisition also marks the launch of Adways' Indian subsidiary, Adways Innovations India Pvt. Ltd, a company statement said.
Yu Ishida will lead Adways' India operations.
Pokkt.com, run by Mumbai-and Singapore-based Maiden Marketing Pte. Ltd, is an alternate mobile monetisation platform that helps monetise digital content through an advertiser-funded model. Pocket Money is a reward-based ad platform that helps app developers acquire and engage customers in a targeted way. The app has around 6 million users in India.
Pokkt was founded in July 2012 by Sharma, former CEO- digital business of Reliance Entertainment, along with Vaibhav Odhekar and Sharad Ingule.
The company had raised $5 million in post-Series A funding from Singapore-based VC firm Segnel Ventures, Shinji Kimura and Sundar Chanrai in November last year.
In July 2014, Pokkt had secured $2.5 million in Series A funding from Singapore-based VC firms Jafco Asia and SingTel Innov8. Previously in October 2013, the company raised $500,000 in seed funding from Jungle Ventures, former Indiagames COO Samir Bangara and others.
Adways is a mobile marketing company based in Tokyo, Japan, providing ad-tech solutions.
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