Indian mobile app startup, News in Shorts that publishes news stories in 60-word bite-sized portion, has raised Rs 25 crore led by Tiger Global’s Lee Fixel with participation from Flipkart founders i.e. Sachin Bansal and Binny Bansal and Japan’s Rebright Partners. As per an ET report, the raised funding will be used to build a larger team, ramp up technology, move into audio and video streaming and add a layer of personalization to company’s content. The company had also secured an undisclosed amount in seed round in 2014.
Founded by Azhar Iqubal, Deepit Purkayastha and Anunay Arunav, News In Shorts app publishes about 60 articles per day and plans to increase that to about 300 in the next three months. Currently, Noida-based company has no plans for monetisation, at least for the next two years. “Later, we want to look at sponsored content and native advertising but currently, focus is to expand reach,” Iqubal said. The firm plans to cross a million downloads by June.
In February this year, India’s homegrown news reader app, NewsHunt had secured Rs 250 crore in series C funding led by New York-based hedge fund Falcon Edge Capital with participation from existing investors Matrix Partners India, Sequoia Capital India and Omidyar Network.