Appsdaily Solutions

About Appsdaily Solutions

Appsdaily Solutions Private Limited was an Indian technology company founded in 2008 by brothers Ajay Menon and Arun Menon. Initially established as Onward Mobility, the Mumbai-based firm was later rebranded as AppsDaily. The founders brought complementary experience to the venture; Arun Menon is an IIT Bombay graduate with prior experience at BillDesk, while Ajay Menon had previously founded Ambrosia Infotech Ltd., a product engineering and consulting services provider.

The company carved out a specific niche in the Indian market by pioneering an online-to-offline (O2O) business model for mobile application distribution. Instead of relying solely on digital app stores, AppsDaily sold and distributed its own and third-party mobile applications through a vast physical retail network. This network grew to encompass over 7,000 mobile stores across 700 cities, targeting new smartphone users who might be less comfortable with digital-only transactions. The business model was designed to leverage the existing infrastructure of local mobile stores, providing a tangible point of sale and customer support, a key differentiator from the virtual-only presence of major app stores. Revenue was generated through the sale of these applications, which included mobile security, insurance, antivirus software, and data backup solutions, often bundled and sold at the point of a new smartphone purchase. Their product line included branded offerings like 'daily cop', 'daily protect', and 'daily assure'.

Appsdaily secured significant financial backing from a number of marquee investors, including Kalaari Capital, Zodius Capital, Qualcomm Ventures, ru-Net, and Mumbai Angels. Over its lifetime, the company raised approximately $30 million across several funding rounds, including a notable Series C round of $16 million in 2015. At its peak, the company employed over 1,200 people and had thousands more on contract as sales agents. However, despite its initial success and substantial funding, the company faced significant challenges. Financial reports for the fiscal year ending March 31, 2016, showed a decrease in total income to INR 77.4 crore from INR 99 crore the previous year, with losses more than doubling to INR 82.3 crore. By 2017, the company was experiencing severe financial distress, leading to a shutdown of operations and eventual liquidation. Reports from that time cited weakening investor confidence, customer complaints, and an inability to secure further funding as contributing factors to its failure.