About Sourcebits
Sourcebits is a Technology company based in Bengaluru (India) founded in 2006, and was acquired by Ascendum in February 2017. It operates as a mobile app development company. Sourcebits has raised $10 million across 1 funding round from investors including Ascendum, Sequoia Capital and Chiratae Ventures. The company has 15 employees. Its Indian entity Sourcebits Technologies Private Limited reported revenue of ₹11.34 Cr. Sourcebits offers products and services including News Platform and Article Updates. Its focus areas include Business Services, IT Services, Application Development and Mobile App Development. Its competitors include Loyal, Appfire, Sango Technologies, Mega Fortuna and Airspeed and 3 more; 7 of its 8 listed competitors have raised funding.
Company details
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.
- Headquarters Bengaluru, India
- Employees 15
- SectorsTechnology
- Email••••••••
- Website sourcebits.com
- Social LinkedIn X Facebook
- Acquired by Ascendum (Feb 2017)
- Legal Name Sourcebits Technologies Private Limited
- Date of Incorporation 27 Apr, 2006
- Jurisdiction Bangalore, Karnataka, India
Associated legal entities of Sourcebits
Sourcebits operates through Sourcebits Technologies Private Limited (active). Its filings, financials, charges and directors are on the company page.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2022) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Sourcebits Technologies Private Limited CIN U72200KA2006PTC039143 | Active | 27 Apr 2006 | Bangalore, Karnataka | ₹11.3 Cr | 15 | 2 | View details |
Products & Services of Sourcebits
Sourcebits offers a comprehensive portfolio of products and services, including News Platform and Article Updates.
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 $10M
- Total Rounds 1
- Last Round Series A — $10M
- First Round $10M
(May 2011)
- Investors Count 2
All 1 funding rounds of Sourcebits with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| May 2011 | $10M | Series A | – | Sequoia Capital, Chiratae Ventures | – |
4 investors in total: 4 institutional.
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.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Sequoia Capital is engaged in venture capital investments. | 1972 | sequoiacap.com | - | |
Venture capital fund focused on seed-stage startups | – | chiratae.com | Bengaluru, India | |
IT and HR services are delivered across key industries. | 2008 | ascendum.com | Blue Ash, United States | |
- | – | globoplc.com | - |
Investor details for Sourcebits
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
- Round participation
- Investor portfolios
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Verified entity values are shown only after access is granted.
Board of directors of Sourcebits Technologies Private Limited (Sourcebits)
Sourcebits Technologies Private Limited is the primary company behind Sourcebits. The board of Sourcebits Technologies Private Limited currently have 2 directors; the longest-serving is Velayudhan Krishnan Nair, appointed in 2017. 12 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Velayudhan Krishnan Nair DIN 00820018 | Director | 26 Apr 2017 | 9 yrs 5 mo | Sourcebits Technologies Private Limited |
| Viral Champaklal Vora DIN 01443518 | Director | 26 Apr 2017 | 9 yrs 5 mo | Sourcebits Technologies Private Limited |
Financials of Sourcebits
Figures of Sourcebits Technologies Private Limited, the primary company behind Sourcebits, for FY 2022. Revenue was ₹11.34 Cr (-54% year on year). Net profit was ₹1.03 Cr (9% margin). EBITDA was ₹1.30 Cr (11% margin). Revenue has grown at a compounded annual rate of -15% over three years and -3% over five years.
- ₹11.34 CrRevenue · FY 2022 · -54% YoY
- ₹1.03 CrNet profit · 9% margin
- ₹1.30 CrEBITDA · 11% margin
- ₹54.3 LakhPaid-up capital
- 15Employees (provident fund records)
- -15%Revenue CAGR, 3 years
- -3%Revenue CAGR, 5 years
Balance sheet, profit and loss, cash flow and ratios of Sourcebits Technologies Private Limited are on its company page.
Detailed financial statements for Sourcebits
Statement rows, ratios, five-year trends and downloadable financials of the group companies require an active premium plan.
- Statement rows
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- Five-year trends
- Downloads
Verified entity values are shown only after access is granted.
Timeline of Sourcebits
4 dated milestones of Sourcebits across 11 years, from founding to its latest funding, stage changes and deals.
- Founded Sourcebits is founded.
- Funding First funding round of $10.0M.
- Exit Acquired by Globo.
- Exit Acquired by Ascendum.
Competitors of Sourcebits
Sourcebits has 8 listed competitors in our database, 7 of them funded. They include Loyal, Appfire, Sango Technologies, Mega Fortuna and Airspeed, among others.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| loyal.app | 2020 | Encinitas, United States | $31.97M | – | Mobile application development, data management, and advertising services are provided. | |
| appfire.com | 2005 | Burlington, United States | $149M | 124 | Mobile app development services are offered by Appfire. | |
| sango-tech.com | 2020 | Phu Nhuan, Vietnam | $761,739 | – | Application development services are provided to support business applications. | |
| megafortuna.co | 2023 | Bursa, Turkey | $12.3M | – | Apps and games for mobile platforms are developed and published. | |
| getairspeed.com | 2015 | Sausalito, United States | $10M | 4 | Limited information available | |
| deepblueai.com | 2014 | Shanghai, China | $95.19M | – | AI-based applications are developed using deep learning and machine vision. | |
| andor.in | 2015 | Noida, India | $1.16M | 43 | Provider of mobile application development, graphic design, and content creation services | |
| socketmobile.com | 1992 | Newark, United States | – | 56 | Manufacturer of portable computing and data collection hardware for multiple sectors |
Detailed competitors of Sourcebits
The full competitor set, operating metrics and side-by-side benchmarks require an active premium plan.
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Web traffic of Sourcebits
Websites that share an audience with Sourcebits (sourcebits.com).
Websites whose visitors overlap most with Sourcebits. Affinity shows how closely the audiences match.
| Website | Domain | Audience affinity | Monthly visits | Global rank | Profile |
|---|---|---|---|---|---|
| kony.com | 100% | 37.9K | #859,443 | View details | |
| techjini.com | 99% | – | – | View details | |
xcubelabs.com | xcubelabs.com | 86% | – | #1,259,711 | – |
| g2.com | 82% | 2.8M | #21,133 | View details | |
| getharvest.com | 75% | 686.6K | #92,204 | View details | |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
All 15 similar websites and full traffic analytics for Sourcebits
The complete similar-websites list, audience overlap and engagement analytics require an active premium plan.
- 15 similar websites
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Top companies in IT Services & Operations
10 companies that operate in the same segment as Sourcebits (IT Services & Operations), ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Cloud orchestration solutions are provided for multi-cloud and device applications. | 1998 | Palo Alto, California, United States | USD 595.83 M | USD 812.05 M | 8,861 | |
A cloud-based platform for incident management software is provided. | 2009 | San Francisco, California, United States | USD 173.6 M | USD 492.55 M | 1,240 | |
Unified IT management is delivered through a cloud-based platform. | 2004 | Santa Clara, California, United States | USD 83.7 M | USD 13.28 B | 26,290 | |
Cloud based platform offering IT operational data and security analytics software | 2003 | San Francisco, California, United States | USD 40 M | USD 2.59 M | 108 | |
Cloud-based enterprise management solutions including backup and recovery are provided. | 2003 | Singapore, Singapore | USD 658 M | – | – | |
Cloud and application performance management platform is provided. | 2010 | New York, New York, United States | USD 147.19 M | USD 2.68 B | 6,500 | |
Converged data management solutions are provided for backup and recovery. | 2014 | Palo Alto, California, United States | USD 553 M | USD 1.32 B | 3,200 | |
IT backup and recovery solutions are provided via cloud platform. | 2006 | Columbus, Ohio, United States | USD 1.04 B | – | – | |
IT outsourcing services are delivered across multiple business lines. | 2011 | Bengaluru, Karnataka, India | USD 64.83 M | USD 246.74 M | 5,260 | |
Analytics and digital solutions for healthcare and banking are provided. | 1999 | New York, New York, United States | USD 10 M | USD 2.09 B | 59,500 |
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Related news about Sourcebits
Complete news archive for Sourcebits
Full article history, source details, and older brand coverage require an active premium plan.
- Full article archive
- Source and publication date
- Older coverage
- Brand-specific news history
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Frequently Asked Questions about Sourcebits
Sourcebits was founded in 2006 and raised its 1st funding round 5 years after it was founded.
Sourcebits is headquartered in Bengaluru, India. It is registered at Bengaluru, Karnataka, India.
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 2011.
Sourcebits has 15 employees.
The primary company behind Sourcebits, Sourcebits Technologies Private Limited, reported revenue of ₹11.34 Cr for FY 2022, down 54% year on year.
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.
Sourcebits's top competitors include Loyal, Mega Fortuna and Appfire.
Sourcebits offers News Platform and Article Updates.
Sourcebits has 4 investors. Key investors include Ascendum, Sequoia Capital, Chiratae Ventures, and Globo.
Sourcebits operates through Sourcebits Technologies Private Limited.
Yes. Sourcebits was acquired by Ascendum in February 2017.
The legal entities of Sourcebits currently have 2 directors, including Velayudhan Krishnan Nair, Viral Champaklal Vora.