India-based startup Inshorts, a news aggregator application that collects and summarizes news based on user behaviour and preferences, raised US$ 60 million in a new financing round on 15 July 2021. The funding is mainly to support its new social media app called Public.
Investors: The funding round was led by Vy Capital. The current investors of Inshorts include Addition, Tiger Global, SIG, A91 and Tanglin Venture Partners among its investors. The new investment round values the startup at US$ 550 million, up from about a US$ 250 million valuation after it raised US$ 41 million in March.
About Inshorts
Founded in 2013 by Anunay Pandey, Azhar Iqubal and Deepit Purkayastha, Inshorts is an internet company that has software application based products that send out news stories in 60-word bites for busy readers who want to stay UpToDate with news. Inshorts specializes in the fields of the internet, information technology, and digital media. It is headquartered in Noida, Uttar Pradesh.
The app is one of India’s most popular aggregator apps and covers a wide range of topics like business, sports, entertainment etc. But its recent expansion into the social media category has allowed the startup to scale widely and attract high-profile investors.
Launched in 2019, the ‘Public’ app is garnering a lot of interest with more than 60 million monthly active users. It is a location-based social network that connects individuals to people in their vicinity. The app is available in various Indian languages – Hindi, Bengali, Punjabi, Telugu, Tamil, Kannada, Malayalam, Odia, Assamese etc. It helps shop owners to drive e-commerce and serves as a classified, entertainment and recruiting platform.
What the CEO has to say: “The world is changing every minute, and each one of us has an inherent desire to remain updated about these changes. Both Inshorts app and Public app are aimed to help some of these people in their quest of keeping themselves informed and we are thrilled to have Vy Capital join us in our journey.” — Azhar Iqubal, co-founder and CEO of Inshorts.
What the investors have to say: “We are excited to partner with Azhar and the team in their journey to build one of the largest content platforms out of India, running two market-leading properties with a rapidly growing user base. We look forward to working closely with the company and the team as it enters the next phase of scaling.” — Vamsi Duvvuri, Partner, Vy Capital.
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