China’s mobile internet company APUS Group has launched a APUS Fund in India with an initial corpus of Rs 300 crore ($45 million) to invest in startups focussed on mobile internet innovation projects, according to a press release.
“As an emerging market, Indian market potential is great and we would like to extend our assistance to the early stage start-ups. Being one of the crucial markets for us, the foundation of APUS Fund will accelerate the development of APUS Group and strengthen our relationship with the country. We would like to express our gratitude for the support from the five investing firms and hope to build a positive ecosystem for mobile Internet industry in India through investments in start-ups,” said Tao Li, founder, APUS Group.
In October this year, the company said, it plans to invest $15 million in Indian startups as part of its strategy to build a positive ecosystem for the fast-growing startup community in India.
APUS group is an Android application development company founded in 2014 by former Qihoo vice-president Li Tao. The company makes applications such as Apus Launcher, Apus Boost, Apus Search etc. which make up its User System.
In 2014, when it was established, APUS received around $15 million in its Series A round of financing from Northern Light Venture Capital and Redpoint Ventures. Within six months of the Series A, APUS received over $100 million in Series B round led by Chengwei Capital, SIG and Qiming Venture Partners with participation from Northern Light Venture Capital and Redpoint Venture.
In September 2015, APUS User System claims to have 250 million users, and all of APUS series products have 510 million users globally.
APUS has over 25 million users in India and targets 80 million users by 2016 after setting up a local operation centre and localised service and experience to Indian users.
Besides India, APUS Fund plans to provide support Indian start-up companies who wish to enter Chinese market through its APUS Global Mobile Internet Incubator in Beijing.
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