About Sourcebits
Sourcebits is a company based in Bengaluru (India) founded in 2006 was acquired by Ascendum in February 2017.. Sourcebits has raised $10 million across 1 funding round from investors including Ascendum, Sequoia Capital and Chiratae Ventures. The company has 15 employees as of March 30, 2024. Sourcebits offers products and services including News Platform and Article Updates. Sourcebits operates in a competitive market with competitors including Loyal, Appfire, Sango Technologies, Mega Fortuna and Airspeed, among others.
- Headquarter Bengaluru, India
- Employees 15 as on 30 Mar, 2024
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Sectors
Technology
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Email
***********
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Phone
*********
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Website
*********
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Social
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- Legal Name Sourcebits Technologies Private Limited
- Date of Incorporation 27 Apr, 2006
- Jurisdiction Bangalore, Karnataka, India
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Annual Revenue
$1.37 M (USD)-53.94as on Mar 31, 2022
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Net Profit
$124.41 K (USD)-80.17as on Mar 31, 2022
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EBITDA
$157.08 K (USD)-80.61as on Mar 31, 2022
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Total Equity Funding
$10 M (USD)
in 1 rounds
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Latest Funding Round
$10 M (USD), Series A
May 10, 2011
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Investors
Ascendum
& 3 more
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Employee Count
15
as on Mar 30, 2024
- Acquired by
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Products & Services of Sourcebits
Sourcebits offers a comprehensive portfolio of products and services, including News Platform and Article Updates. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Platform for accessing celebrity updates and articles online.
Provides daily news on scandals and viral trends.
Funding Insights of Sourcebits
Sourcebits has successfully raised a total of $10M through 1 strategic funding round. The most recent funding activity was a Series A round of $10 million completed in May 2011. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 1
- Last Round Series A — $10.0M
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First Round
First Round
(10 May 2011)
- Investors Count 2
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| May, 2011 | Amount | Series A - Sourcebits | Valuation | Sequoia Capital , Chiratae Ventures |
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| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Sourcebits
Sourcebits has secured backing from 4 investors, including venture fund and institutional investors. Prominent investors backing the company include Ascendum, Sequoia Capital and Chiratae Ventures. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Sequoia Capital is engaged in venture capital investments.
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Founded Year | Domain | Location | |
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Venture capital fund focused on seed-stage startups
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Founded Year | Domain | Location | |
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IT and HR services are delivered across key industries.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Sourcebits
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Sourcebits
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Sourcebits Comparisons
Competitors of Sourcebits
Sourcebits operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Loyal, Appfire, Sango Technologies, Mega Fortuna and Airspeed, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Mobile application development, data management, and advertising services are provided.
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| domain | founded_year | HQ Location |
Mobile app development services are offered by Appfire.
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| domain | founded_year | HQ Location |
Application development services are provided to support business applications.
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| domain | founded_year | HQ Location |
Apps and games for mobile platforms are developed and published.
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| domain | founded_year | HQ Location |
Limited information available
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| domain | founded_year | HQ Location |
AI-based applications are developed using deep learning and machine vision.
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| Company Name | Domain | Founded year | HQ Location | Description |
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| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Frequently Asked Questions about Sourcebits
When was Sourcebits founded?
Sourcebits was founded in 2006 and raised its 1st funding round 5 years after it was founded.
Where is Sourcebits located?
Sourcebits is headquartered in Bengaluru, India. It is registered at Bengaluru, Karnataka, India.
Is Sourcebits a funded company?
Sourcebits is a funded company, having raised a total of $10M across 1 funding round to date. The company's 1st funding round was a Series A of $10M, raised on May 10, 2011.
How many employees does Sourcebits have?
As of Mar 30, 2024, the latest employee count at Sourcebits is 15.
What is the annual revenue of Sourcebits?
Annual revenue of Sourcebits is $1.37M as on Mar 31, 2022.
What does Sourcebits do?
Sourcebits is a San Francisco-based app development firm with expertise in creating custom mobile, MVP, web, and cloud solutions for startups and enterprises. Provides end to end app development services like strategy, design, development, marketing and analytics. Clients include GE, SAP, Intel, MIT, PG, Hersheys, and Coca-Cola, as well as emerging technology companies such as Knocking, Peel, TwitPic, CloudOn, Posterous, and Sling Media. Offices across North America, Europe and India. Has built 600 mobile projects. Acquired by publicly-listed enterprise mobility company, Globo in June 2014 - will continue to operate under its own brand.
Who are the top competitors of Sourcebits?
Sourcebits's top competitors include Loyal, Mega Fortuna and Appfire.
What products or services does Sourcebits offer?
Sourcebits offers News Platform and Article Updates.
Who are Sourcebits's investors?
Sourcebits has 4 investors. Key investors include Ascendum, Sequoia Capital, Chiratae Ventures, and Globo.