Ltd, the company that operates as Paytunes, has raised $500,000 in pre-series A funding from Indian Angel Network (IAN) and CIO Angel Network. As per a recent e-Marketer report, digital advertising spend in India is $1 billion, out of which mobile advertising is $0.18 billion. It raised $100,000 from CIO Angel Network in September last year. By 2019, the digital ad spend is expected to grow to $2.17 billion and mobile advertising to $1.23 billion. Paytunes replaces mobile ringtones with ad jingles from advertisers and at the end of a call, displays a visual for the ad.

Source: Mint June 10, 2016 14:37 UTC