Microblogging platform Twitter confirmed today that it has agreed to acquire India-based mobile marketing company ZipDial, providing an exit to investors including internet holding company Times Internet.
Twitter did not disclose what it paid for ZipDial but reports last week suggested the price was likely to be around the $40m mark.
ZipDial’s mobile platform enables users to make a missed call to a number for free, in turn alerting the recipient to send information to their phone through a text message or app notification.
The technology allows for mobile marketing in areas where wifi is unreliable, and the two companies have already collaborated on campaigns covering Indian elections and Bollywood film promotions among other subjects.
Times Internet, a subsidiary of India-based media company Times of India Group, invested an undisclosed amount in ZipDial in 2012 as part of a round that also included 500 Startups.
ZipDial’s other exiting investors are Jungle Ventures, Unilazer Ventures, Blume Ventures, AngelPrime, Mumbai Angels and Sunil Goyal, CEO of venture capital fund YourNest Ventures.