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Indian Stealth Startup Mojostreet Secures $350K From Former Microsoft VP, Others

April 11th, 2011 04:47 admin Leave a comment Go to comments

Hyderabad-based Mojostreet, a location-based mobile gaming startup, announced today that it has received $350K in seed funding, led by Srini Koppolu, former Managing Director of Microsoft India and J.A. Chowdary former Managing Director of Nvidia India. Mojostreet will use its infusion of capital to ramp up hiring efforts and to assist in the startup’s beta launch in early May.

Like a mix of its American counterparts Foursquare, SCVNGR, and Booyah’s My Town, Mojostreet’s first product is a location-based app, which will allow users to check in at various point of interests in a game format. At launch, Mojostreet will be restricted to 5.5 million locations in India, but Founder and CEO Kalyan Manyam said that he hopes to launch Mojostreet in the U.S. and Singapore shortly thereafter.

The startup has partnered with several major national retail outlets in India to provide real world offers to complement the virtual gaming experience. So, as users check in at various locations, they will be awarded virtual currency, or “Mojo bucks”. Gamers are pitted against their friends in a mobile scavenger hunt, unlocking special offers at check-in, and stockpiling virtual cash along the way.

Manyam, who also founded Indyarocks.com — an Indian social network with more than 6 million users — said that mobile gaming is currently exploding among the more than 600 million mobile phone users in India. As a result, Mojostreet will be available on Blackberry, Nokia, IPhone and Android phones.

“As data plans become more affordable in India, location-based services are going to play a crucial role in community-based entertainment and eCommerce”, Manyam said. “And we are very excited to see the ways Mojostreet can influence real world experiences and commerce”.

Source: Indian Stealth Startup Mojostreet Secures $350K From Former Microsoft VP, Others

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