Pokkt calls itself an alternate mobile payment platform for people wanting to sell digital goods and services through an ad funded model.
The company was founded by Rohit Sharma, a former Reliance ADA Group executive responsible for their digital business; Vaibhav Odekar, an IIM graduate whowas part of the Zapak team and Sharad Ingule, a product engineer with more than 10 years in the business.
GSF Accelerator, founded by former Reliance Entertainment president, has also invested in the company.
With the Indian app market size estimated to be around Rs 150- Rs 200 cr, poised for rapid growth on the back of increasing smartphone penetration, app monetization is an interesting opportunity.
Meanwhile, mobile payments industry in India is also taking off with increasing smartphone usage, adoption of IMPS and use of mobile technology by online retailers. In January, Matrix Partners India invested in Mswipe, a mobile payments company.
Last year in November, Mumbai based POS solutions company MobiSwipe raised an undisclosed amount from One97 fund.
In the same month, India’s square, EZETap secured $3.5mn funding from Paypal’s Peter Thiel, Chamath Palihapitiya (of Social+Capital Partnership), PE player Nicolas Berggruen and Yammer founder, David Sacks.