Inshorts raises $60 million in funding led by Vy Capital

By: |
July 16, 2021 4:15 AM

The firm’s total fund tally now stands at about $170 million. The company, which counts Tiger Global, SIG, A91 and Tanglin Venture Partners among its backers, runs the Inshorts news app that summarises news in 60 words and also a location-based social media platform Public.

Inshorts claims to have a strong user base in tier one cities and said that it has about 10 million monthly active users on its news platform.

Online news aggregator, Inshorts has raised a fresh $60 million in funding led by Vy Capital. The financial round was also backed by some of the firm’s existing investors, the company said in a statement on Thursday, without elaborating on the details of the participating investors.

The firm’s total fund tally now stands at about $170 million. The company, which counts Tiger Global, SIG, A91 and Tanglin Venture Partners among its backers, runs the Inshorts news app that summarises news in 60 words and also a location-based social media platform Public.

The company will deploy the fresh capital to scale up tech infrastructure, content offerings and employee base as it looks to deepen growth and continue improving on retention and engagement.

Inshorts claims to have a strong user base in tier one cities and said that it has about 10 million monthly active users on its news platform.

As the pandemic impacted circulation of newspapers, more people consumed online news. According to a EY-Ficci report published in March, online news audiences grew to over 450 million in 2020 while news and magazine app downloads increased by 12% during the year.

The Public app, launched two years ago has already amassed over 50 million active users, the company said. Every month, about 1 million videos are created on the app that allows people to record and share happenings around them enabling real-time local updates. It is available in all major regional languages and claims to have a large user base in tier two and three cities.

“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,” said Azhar Iqubal, founder & CEO at Public app, and co-founder & CEO at Inshorts.

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