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Inshorts raises $60 million from Vy Capital, existing investors

Mumbai: Online news aggregator InShorts has secured $60 million in funding from Vy Capital and existing investors. The startup is backed by
Lee Fixel’s Addition, Tiger Global, SIG, A91 Partners and Tanglin Venture Partners.

The content startup operates a news app InShorts and location-based social media platform Public, which was launched two years ago. Earlier this year, Public
raised Rs 300 crore from A91 Partners. Last year, it raised Rs 260 crore, led by Addition.

All told, it has raised $140 million in total over the last one year.

“We believe that all of us want to remain connected to our locality as much as we want to remain connected to our friends and family. While many large platforms like Facebook, Instagram and Snapchat have been built for the latter, the problem of connecting to locality remains unsolved and Public is our attempt for the same,” Azhar Iqubal, cofounder and chief executive officer of Inshorts, said.

Public has more than 50 million active users and one million videos are created on the platform every month. The app allows people to record and share happenings around them with real-time local updates. It is available in Hindi, Bengali, Punjabi, Telugu, Tamil, Kannada, Malayalam, Odia, Assamese, Gujarati and Marathi.

“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,” said Vamsi Duvvuri, partner at Vy Capital.

InShorts has more than 10 million users on its platform. The app curates news items of the day, across categories such as national, world, politics, business, sports, technology and entertainment, in 60 words. A link is also provided to read the stories that interest them in detail. It has more than 3 billion page views per month, the company said.

Local language content is one of the largest untapped opportunities in the Indian internet landscape and the country is among the fastest growing internet markets globally. Media companies are gaining traction with risk investors.

In February, domestic news aggregator Dailyhunt
raised more than $100 million in Series H funding, led by Qatar’s sovereign wealth fund Qatar Investment Authority and Glade Brook Capital Partners. Canaan Valley Capital and existing investor Sofina Group also participated in the round. Dailyhunt is one of the first unicorns from the media and entertainment industry with a valuation of more than $1 billion.

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