Indiabulls Group Chairman and Co-Founder Sameer Gehlaut invested $5 million for the Series A round of mobile messaging and social networking app MyActivityPal Inc. The firm is still in stealth mode and the product is scheduled to be unveiled in April this year.
A statement about the financing said that proceeds of the recently-closed round will be used by the company to develop its product and add more people to its team. Part of the funding will also be used for the product launch as well as for its user acquisition efforts. MyActivityPal holds offices in San Francisco and Seattle.
MyActivityPal's two founders previously worked for tech giants Microsoft and Google. Ike Singh was with the Mobility team of Microsoft for seven years. While there, his role was related to channel development and social collaboration. Co-founder Abhay Vardhan, meanwhile, was with Google in Search. He holds a PhD in Computer Sciences from the University of Illinois. He also obtained his Masters in Computer Science in the same institution. He got his B Tech degree in Mechanical Engineering from Indian Institute of Technology in Delhi.
The sole investor, Sameer Gehlaut, led Indiabulls Group to attain the size and stature it has today. Under his leadership, Indiabulls Group has turned to be one of the leading diversified business houses in India in the past decade. The group's major firms include Indiabulls Housing Finance, Indiabulls Real Estate and Indiabulls Power. With head offices in Mumbai and Delhi NCR, Indiabulls operates in every major city in India, including Hyderabad, Bangalore and Chennai, among others.
Indiabulls Group was able to post revenues amounting to $1.07 billion in the fiscal year that culminated on March 31, 2013. Its net income at that time was pegged at $238 million. Gehlaut also obtained his B Tech degree in Mechanical Engineering from the Indian Institute of Technology in Delhi.
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