App Development Company SourceBits Raises $10 million From Sequoia Capital and IDG Ventures

App development company Sourcebits has raised $10 million funding from Sequoia Capital and IDG Ventures, in order to expand to US market.

For the year ending March 2011, Sourcebits posted revenues of $6.5 million and one of its app, Night Lamp has been the #2 app in Apple app store and the app itself has gotten revenues of $1 million for the company.

Post this series A funding, SourceBits will expand the engineering and sales team to US market.

Given that app platforms like Android have democratized the global mobile space, expect a lot of Indian companies to go aggressive in global markets.

Recommended Read: The Rise of Mobile Only Internet Generation in India [41% Prefer Mobile To Access Internet]

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