ENGALURU: Flipkart said it has acquired mobile ad network AdIQuity for an undisclosed amount to beef up itsadvertising muscle, marking the online retailer's first acquisition this year.
"AdIQuity has a history of mobile innovations, extremely valuable experience in the ad space and a talented tech team — all of which are a great strategic fit for Flipkart," said Flipkart in a statement. AdIQuity could not be reached for comment. Started in 2006 as a search engine, AdIquity has raised $15 million so far from Sequoia Capital and Sandstone Capital. Its solution for advertisers include video ads, geography-based targeting and interactive ads.
The company claims to serve 25 billion ad impressions per month across more than 200 countries and claims to have more than 15,000 app developers and publishers onboard. This news comes at a time when Flipkart is looking to diversify into fee-based businesses like online advertising and brand consulting for vendors in a bid to increase profitability ahead of a potential public listing.
CEO Sachin Bansal is leading this push to advertising which will see the company become an online publisher, ET had reported on Thursday. The company is hiring a new team for this initiative and is exploring opportunities to be able to personalise and create advertisements that would be relevant to both customers and advertisers. And there will be more acquisitions coming, says Flipkart. "M&A is a key focus for us this year, " said Flipkart.
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