Mobile video site Vuclip receives Rs 36 crore funding

M.Vuclip.com has raised US$8 million funding from venture capital firms New Enterprise Associates (NEA) and Jafco Ventures. The funding will be used to fuel worldwide growth and augment regional teams. It will also use the raised money to expand mobile video analytics to help advertisers and content owners understand and improve their offerings based on consumption and region-specific trends.

In an official communiqué, Nickhil Jakatdar, chief executive officer, Vuclip.com, says, "We've spent the last few years cracking the code on delivering entertainment to 5,400 mobile devices in 200 countries. We are seeing a true phenomenon in aggressive viral growth, driven by sharing of compelling local video content. Vuclip has become the largest independent mobile video service by focussing on a browser-based solution that leverages technology and by securing exclusive local content in major international markets."

Krishna 'Kittu' Kolluri, general partner, NEA, says, "Vuclip has quietly grown into one of the biggest mobile video services worldwide. Its premium video offerings like video alerts and movie portals for the various regional markets appeal to the masses."

The company claims that the Vuclip service is popular and major mobile operators are now distributing Vuclip directly to consumers. Some of these distribution partners include Bharti Airtel, Vodafone (India), Tata Docomo and Maxis (Malaysia).