News story app Newshunt has acquired product metasearch engine startup Buyt.in for an undisclosed amount, as confirmed by the sources and now officially announced by Newshunt. The BuyT team is expected to play a crucial role in building the next generation platform for NewsHunt by integrating shopping & commerce options for local language users on the NewsHunt Platform, to add to BuyT’s network of content publishers, as the company claims.
Launched in 2010, Newshunt is India’s home grown news reader app which publishes content in 12 languages and covers 100+ regional publications. In March 2015, it had acquired mobile analytics platform company Vauntz for an undisclosed amount.
Rocket Science Innovations which owns Buyt.in, previously raised some undisclosed funding as well. Last year they had also partnered with NDTV Gadgets for Native Product based ads on the publisher page through widgets.
In February 2015, Newshunt raised a funding of $39 million (approx.) 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. Last year, it had launched an ebookstore for publishers with over 10 million local language eBooks downloaded till date by more than 2 million users, out of which 40 percent are paid users.
Newshunt seems to be rigorously planning its move. In March it acquired Vauntz and now within three months it has acquired eCommerce startup BuyT. Though the two companies have nothing similar in their working model, the acquisition clearly hints towards Newhunt’s strategy to target Buyt’s recommendation, personalization technology.
UPDATE: As per company’s official announcement:
BuyT’s proprietary product discovery and recommendation platform, ContentLink is changing the way information flows from a merchant/service provider to the consumer. ContentLink has been rolled out with marquee Indian publishers and media houses and serves over 3 million recommendations per day to 30 million uniques, with Rs. 300+ crore annualized GMV being driven to leading eCommerce merchants. ContentLink enables discovery and brand visibility to newer and niche sites and merchants.
The CEO and Founder of NewsHunt, Virendra Gupta said “BuyT has a great product which marries content with commerce. We intend leveraging BuyT platform to enable commerce on NewsHunt. BuyT will run as a stand alone unit continuing its existing line of business and enabling commerce for NewsHunt users.”Category Business