Slide App raises $3.6m in Series-A funding round led by Songhyun Investment
Lock screen platform Slide App has raised $3.6 million in its Series-A round of funding, which was led by Songhyun Investment, a South Korean VC firm. The app had previously raised $1.2 million as seed funding.
Slide App is a lock screen app for Android phones that provides users with content of their interest and rewards them for every swipe and slide.
The platform plans to utilise the newly-raised funds to scale its user base, develop products and strengthen its brand presence in the market. It will also use part of the funding to further develop the platform, in order to make it more and more innovative and user-friendly.
”Our aim is to improve and enhance the experience of existing users and acquire new users. We will continue to multiply our outreach as much as we can and build upon providing value to our users. Besides, a relentless support to advertisers in ways that result in maximum conversion for them is our endeavour,” says Amrita Gujral, Co-Founder and India Business Head, Slide App.
Launched in November 2015, the platform claims to have amassed a download base of over five million.
The mobile media platform incentivises its mobile users by awarding credit points every time they read content customised to their preference, be it from publishers/advertisers or curated content from bloggers. The reward points accumulated can then be further utilised for mobile recharges.
By rewarding users each time they read, the platform enables advertisers to target their audience in the form of content most relevant to them. It has thus tried to create a multi-benefit usage model for business-to-consumer (B2C) and business-to-business (B2B) firms.
The platform also acts as a new-age advertising tool that helps marketers promote brands/companies by reaching out to the right target audience.
Other players in the market
According to an EY report, the Indian digital media segment is set for disruption, with growth expected to reach $200 billion by 2020, and digital ad spend expected to grow at 23-28 percent.
There are many other platforms in this category that are offering similar kind of products. Gurgaon-based Planet GoGo, Unlockar and Paisa Swipe, among others, are unlock screen apps that offer rewards to users on unlocking their phone.
The EY reports that demographics are all stacked in India’s favour for digital consumption. By 2017, India will have more than 350 million smartphones. Inexpensive smartphones and the rollout of 3G and 4G broadband infrastructure are coming together rapidly to boost traditional distribution and democratise online access. Together, these factors lay the foundation for accelerated digital media consumption.