According to foreign media TechCrunch , Indian startup Inshorts recently raised US$60 million in a new round of financing, led by Vy Capital. Other investors include Addition, Tiger Global, SIG, A91 and Tanglin Venture Partners. The company released a social media app called “Public” two years ago, and it performed well in the Indian market.
According to three people familiar with the matter, the company has experienced multiple rounds of financing and scale expansion in the past two years, from a valuation of US$125 million in September last year to a valuation of US$250 million after the completion of a US$41 million financing in March this year. The valuation of US$550 million after the completion of a new round of financing this Thursday.
Inshorts co-founder and CEO Azhar Iqubal said in a brief statement, “The world is changing all the time, and each of us has an innate desire to keep up with these changes. The purpose of Inshorts APP and Public APP is to help users keep abreast of the situation. We are very happy that Vy Capital has joined Inshorts to accomplish this mission together.
Picture cut from the company’s official website
Inshorts is a comprehensive content-based APP that summarizes news articles in 60 words, covering a wide range of topics including technology and business. Recently, this start-up company is expanding into the field of social media to increase the scale of users and attract investment.
The Public APP launched by the company two years ago has become one of the fastest growing social applications in South Asian countries, with more than 60 million monthly active users. Based on positioning, Public connects users with people within a few miles of the neighborhood and forms a social network.
Public APP downloads, the picture is from Annie App
Inshorts APP supports a variety of major Indian languages, including Hindi, Bengali, Punjabi, Telugu, Thai Mir , Kannada, Malayalam, Audi Asian language, Assamese , Gujarati and Marathi etc., allow businesses publish e-commerce push on APP widely believed interest rates, but also allows users to distribute entertainment content and recruiting information.
Vy Capital partner Vamsi Duvvuri said in a statement, “We are very pleased to be able to work with Azhar and his team to build one of the largest content platforms in India. We hope that this round of capital injection can support the operations and user growth of Inshorts and Public. , And look forward to achieving closer cooperation with the company and the team.”
Entering the market with news bulletins, quickly grabbing users, and maintaining retention through social networking and e-commerce are the cold start logic of many comprehensive apps, including Inshorts. Similar short news push platforms in China also include 365 news briefings and Yidian news .
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