Flipkart provides Rs50-crore seed fund to app developer Cube26
19 October 2015
Cube26, an India-based developer of varied applications across usability for OEMs, has raised Rs50 crore in seed funding from Tiger Global Management-funded e-commerce marketplace Flipkart.
Cube26 plans to utilise the funds to leverage its software expertise across devices and expand its team.
''With our software focus and product-led monetisation approach, we are confident of providing unique user experiences across form factors and devices to Indian consumers. We want to bridge technology gap in India and build products and solutions which are accessible and intuitive in nature," said Saurav Kumar, CEO & co-founder, Cube26.
Cube26 is a technology firm that provides customisation of technology for users, especially on Android platform. Currently, its software resides on more than 5 million devices, making its presence on more than 4 per cent of all mobile users in India.
''We believe Cube26 has the potential to transform user experience across devices with its software expertise,'' said Nishant Verman, head corporate development, Flipkart. ''Technology innovation will be key to India's growth and we are looking for the next big software innovation from India, and this investment is a step towards the same. Cube26 has demonstrated a robust business expansion plan behind innovations that we believe can win.''
While India is just the fifth-largest technology market in Asia Pacific, its technology purchases will grow by more than 10 per cent making it the fastest growth market in the region for 2015-2016, according to Forrester Research's latest Asia Pacific Tech Market Outlook report.
''We value technology innovators who understand consumer needs as they evolve across platforms and devices in India,'' said Lee Fixel, Partner, Tiger Global Management. ''Cube26 has demonstrated deep expertise in understanding this device experience, and we believe they can grow rapidly by continuing to innovate products that transform the consumer experience.''