Indian News App Raises £2.6m in Series A Funding

By Tim Maytom

news in shorts combo

New Delhi-based startup News In Shorts which operates news digest apps for both iOS and Android has raised Rs 250m (£2.6m) in a round of Series A funding, led by hedge fund firm Tiger Global.

The funding round, which also included investments by Japan’s Rebright Partners and existing investors Sachin and Binny Bansal, the founders of eCommerce company Flipkart, sees the company valued at around Rs 1bn.

The startup’s apps provide its users with 60-word summaries of the day’s top news stories, spanning national and international news as well as sports and entertainment. Since its launch 18 months ago, it has drawn comparisons to Yahoo’s News Digest app and mobile news startup Circa.

The company initially launched as an Android-only app, due to the platform’s higher penetration in India, but its iOS version, released this year, has already seen 100,000 downloads. According to the company, across both apps, it sees 10,000 downloads a week.

Currently, the apps are free and do not feature advertisements, but with ambitions to increase from 60 stories a day to 120, and reach 5m downloads by the end of the year, it is likely that the company will have to monetise its growing audience somehow …read more

Source:: Mobile App News

      

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