Bangalore-based The Better India, a news startup, today said it has raised Rs 1 crore from Intellecap Impact Investment Network (I3N or I-cube-N) and others including Myntra Co-founder Raveen Sastry.
The company, which has won several awards including the Manthan Award for best alternative news site across South Asia, said the lead investor was Raveen Sastry, founder of NudgeSpot and a co-founder of Myntra.
“The company is disrupting news reading behaviour, and very smartly leveraging media and technology to monetise this in different ways,” Sastry said.
Led by husband-wife duo, Dhimant and Anuradha Parekh, The Better India drives collective good using the power of stories and technology.
Dhimant Parekh said: “We are seeing excellent traction for our content from readers across India, US, UK, Singapore and the Middle East. Our growing partnerships with large corporates have demonstrated that companies see tremendous value in using our platform to talk about various social causes.
“We are quickly scaling up traffic, plan to raise our next round of funding in 12 months, and look forward to creating a long-term strategic partnership with a large media or publishing house.”
Intellecap has taken an equity stake in The Better India in lieu of its fees, said a company release.
It said a small investment also came from Sohil Shah, one of Intellecap’s employees.