Mobile App Dev Firm SourceBits Posts $6.5M Revenues; Raises $10M Funding
By on May 13th, 2011

If you have been using the iPhone or the iPad for quite some time then you must have used the Night stand or the Skyfire apps. Both are most downloaded and top apps in their respective categories on the iTunes app store. Skyfire is famous for the fact that it brings the ability to play flash videos while browsing the web on the iPhone or the iPad. Well, both of the above mentioned apps have been developed by Bangalore based SourceBits technologies.

Sourcebits has developed over 300 apps for various mobile platforms like iOS Android, BlackBerry, Palm Pre and Windows Phone 7. The company recently posted it’s revenues for the year 2010-2011. The figures were a whopping $6.5 Million. The Night Stand app for iPhone (developed by SourceBits) has already been downloaded more than 5 million times fetching $1 Million in revenues alone for the company.

Sourcebits has also raised a total sum of US $10 Million from top investors – Sequoia Capital and IDG Ventures ($5M each) in their first round of investment. The company now plans to set up engineering and sales centers in the United States and a design engineering center in India and Europe.

via Medianama

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Author: Debjit
Debjit does some excellent analysis of the Indian technology front and digital media news in India. He is passionate about all things Microsoft but loves open source too! Get in touch with him @dkd903

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