Ozone Media, an internet advertising network based in Bangalore, has landed an undisclosed sum of first round funding (media reports suggest $4 million) from IDG Ventures India, which is a $150 million early-stage technology venture capital fund.

Riding on current business trends in Asia, IDG Ventures now has 8 India companies in its portfolio and plans to invest in 2 more this year, possibly companies in the mobile payments arena.

According to a recent Lintas media report, internet advertising in India grew 43% over the past year and is expected to grow 10-fold to Rs 2500 crore by 2011. Earlier in June, Bangalore-based online video advertising startup Jivox had raised $10.7 million funding from early-stage US venture firm Optus Capital and India-based Helion Venture partners.

Jivox, headquartered in California and commenced Indian operations in March this year, provides SMBs with an affordable, self-service video advertising platform that offers development, hosting and placement services.

Ozone offers customised service for advertisers across verticals such as news, financial services and entertainment. The latter has partnered with an IDG portfolio firm in South-East Asia to source advertising leads there looking to target Indians.

IDG Ventures India had previously partnered with Softbank China to provide financing of “less than $10 million” for Mumbai-based online gaming startup Kreeda Games India. Bodhi Investments (managed by Softbank China and India Holdings) is a venture capital vehicle that has investing interests in telecommunications, media and technology companies in China, India and the ASEAN countries.

India’s mobile content market is also set to explode but lacks an advertising network to act as a catalyst for monetization. Mobile advertising, which is hot in India simply because for every internet user, there are 5 cellphone users, is also projected to grow from Rs 40 crore currently to Rs 500 crore by 2011.