Manish Vij to raise $10 million for Tyroo and SeventyNine

BANGALORE: Manish Vij, founder of digital media network Tyroo, is on the fund raising path and is looking to raise $10 million in venture and institutional funding for Tyroo and newly launched mobile media distribution and analytics platform, SeventyNine.

"We are profitable but plan to raise funds to scale up faster," said Vij, who declined to reveal the names of investors he is in talks with for the funding.

Earlier this year Vij's Vun Network and Harish Bahl's Smile Group formed a joint venture, Smile Vun Group (SVG). Tyroo, SeventyNine, digital advertising agency Quasar and newly acquired online performance marketing company DGM India are part of the joint venture.

The company is planning to make more acquisitions in the digital media space. "In the area of digital media we will continue to acquire and build new businesses," said Vij, who joined Smile Interactive Technologies Group in 2005. Apart from direct buy outs, the group will also back entrepreneurs and launch new digital businesses.

In April this year Tyroo acquired DGM India, a subsidiary of London Stock Exchange listed ADH Plc, along with DGM India's Managing Director Anurag Gupta. In February Quasar co-founder Deven Dharamdasani launched SeventyNine, which was incubated by SVG.

While SVG will focus on the digital media space, Smile Group will focus on its e-commerce brands like FashionandYou, DealsandYou and Freecultr.

Vij, who believes the digital media industry is on the cusp of rapid growth, said his focus will be on India and expect the Indian non-classifieds digital advertising market to reach $ 1 billion by 2015.