Homegrown news aggregator platform Inshorts today announced it has raised $60 million in a new funding round led by technology-focused investment firm Vy Capital. According to the firm, the round also saw participation from existing investors.
A91 Partners, Tiger Global Management, Addition, Tanglin Venture Partners are some of its existing investors. Although Inshorts did not disclose the valuation, reports suggested that this round values the startup at about $550 million.
Prior to this round, the startup had raised $41 million in funding, co-led by A91 Partners, SIG Global Fund, and Tanglin Venture Partners in March 2021 at a valuation of about $250 million.
So far, Inshorts has raised over $150 million in its funding rounds. “The world is changing every minute, and each one of us has an inherent desire to remain updated about these changes,” Azhar Iqubal, co-founder & CEO of Inshorts, said in a statement.
Inshorts also operates Public app, a location-based social network app that connects individuals to people in their vicinity. The app allows users to record events taking place around them through short videos. It is currently available in Hindi, Bengali, Punjabi, Telugu, Tamil, Kannada, Malayalam, Odia, Assamese, Gujarati, and Marathi.
“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,” he adds.
Commenting on the investment, Vamsi Duvvuri, Partner, Vy Capital, said: “We are excited to partner with Azhar and 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.”
Founded in 2013 by Azhar Iqubal and Deepit Purkayastha, Inshorts summarizes news articles from different categories in 60 words. The platform claims to be India’s largest short news aggregator platform with best-in-class retention and a strong user base in Tier-I cities.