Vserv raises funds from Maverick Capital

By | March 4, 2015


Vserv raises funds from Maverick Capital and IDG. The Mumbai based company specialized in smart data platform for mobile marketing. Vserv assists more than 500 clients across various sectors like mobile entertainment, consumer goods, e-commerce, retail, telecom, banking and financial services.

The company was founded in 2010 by Dippak Khurana and Ashay Padwal. Vserv has developed platform Audience Pro, ties together data from multiple sources such as offline and online marketers, telecom operators, mobile app developers and third party vendors. Audience Pro creates user profiles and triggers real time intent signals that leads to indicators to unprecedented discovery, analysis and monetization of ends users.

Apart from Audience Pro, Vserv has developed VMAX, a smart data mobile advertisement exchange platform and AppWrapper, an advertisement integrating tool. One of the noteworthy offering of Vserv is Vserv Aqua Native, launched last October, the product is designed to display customised advertisements as per environment, design and layout of the app or website and delivers 5,760 different permutations and combinations of an advertisement on an app or website.


Vserv launched another product Vserv Smart RT in November, the product allows advertisers and brands to re-target desktop users on mobile site and apps, and retarget mobile site users on third party apps.
In India, usage of internet is growing exponentially and user base is set to grow up to 500 million users by 2018. The growth is driven by smart phone users contribute 80% to this numbers. The company Vserv has positioned with rich data profiles of over 120 million mobile internet users in India and they have mined data to deliver mobile marketing for over 500 clients across the spectrum of companies.

Vserv was founded by Dippak Khurana and Ashay Padwal in 2010. Dippak Khurana is a commerce graduate from Narsee Monjee College of Commerce. He did his post graduation in Masters in Marketing Management from Narsee Monjee Institute of Management Studies in 2000.


After graduation he managed Puja Poultry Farm as Managing Partner till December 1995. He became executive of Internet Business in Benett Coleman India for 19 months. Dippak was responsible for breaking the first client who advertised on timesofindia.com. He worked in the company till November 1997. He became Business Head – Internet for India Today Group Online, was instrumental in setting up of Internet business for India Today.

In April 1999, he moved as Business Head – Network of Intercept Technologies. The company worked as an aggregator of sites and was a new business model for publishers and advertisers. In October 2001, he became Associate business development manager for Yahoo, where he focused on building non traditional revenue streams. He was instrumental for building the Wireless Revenue Stream for the company.


In April 2004, he became Regional Head for India and Far East for Mauj and became Head of International Business Development of the company and content and International Operations. He left Mauj in 2009 to start Vserv. He is the Chief Executive Officer of Vserv.

Ashay Padwal is co founder of Vserv. He has graduated in Bachelor of Engineering in Computers from University of Mumbai. He started his career as Project Manager for Mega E Services. He was the technical employee of the company which provided technical solutions to web portals.

In 2002, he became Software Engineer in Yahoo, he lead a team that focused on wireless projects. He got first hand experiences on large transaction system of SMS integrated with Yahoo mail and Yahoo Messenger. He worked with Yahoo till July 2004. He moved People Infocom Pvt Ltd that manages Mauj as Vice President, Technology. He managed WAP platform and mobile technology, mobile games production and content operations of Mauj.


Prior to start Vserv, he was director of eMedicare Services P Ltd. The company is into clinical management solution providers for doctors across desktop and mobile based on cloud. Ashay Padwal is Chief Technology Officer of Vserv.

Vserv received their first venture capital in July 2011 as Series ‘A’ funding of $3 million from IDG Ventures India. They received their Series ‘B’ funding for $4 million from Epiphany Ventures and IDG Ventures India once again in Sept 2012. Vserv received another Series ‘B’ funding from IDG Ventures India and Maverick Capital for $15 million on March 02, 2015.

The company has received a total of $22 million in 3 rounds of funding from 3 investors till now.
Dippak Khurana, Co-Founder & CEO, Vserv, said, “Maverick has a successful history of investing early in large scale mobile platforms globally. We are delighted to be their first venture capital investment in India as they bring capital and deep technology domain expertise. We are thrilled to have them join us to build the leading smart data platform for mobile marketing across India and South East Asia. ”


Matthew Kinsella, Managing Director, Maverick Capital Ventures, said, “We are highly impressed with the rapid pace of Vserv’s growth, its smart data platform and management team. Vserv is uniquely positioned to drive the mobile internet ecosystem in India and South East Asia through their exceptional data assets. We look forward to helping Vserv accelerate its growth further.”

Manik Arora, Founder & Managing Director, IDG Ventures India, said, “As an early investor in Vserv, IDG welcomes Maverick as a valued co-investor to further drive the differentiated big-data marketing business Dippak and Ashay have built. The mobile internet ecosystem is at an inflection point in India today and we are delighted to further support the company as it goes into high gear.”

This is the first investment in India for Maverick Capital, which has illustrious history of investing early in large scale mobile platforms. Maverick Capital has invested in companies like Regalii, a mobile remittances company, Upsight Inc – the mobile analytics company and Kakao Corp – messaging App Company. Maverick holds $8 billion assets all over globe.

Author: Venu V

i look for minute details, whatever i do. Avid reader, read lot of Hindu mythology, Technology and General news. Extreme foodie and like to taste new types of vegetarian food. Travel a lot, like to explore new places which are not explored by anyone. Participate in adventure sports like river rafting, grappling and hot air ballooning.