newsinshorts funding

newsinshorts_funding

News in Shorts, a mobile app which publishes top news stories in 60-word bite-sized portions, has raised $20 million (Rs 127 crore) from existing investor Tiger Global Management.

With this new round of funding the Noida-based startup now values at about round $90-100 million (Rs.570-635 crore).

News in shorts is Tiger Global’s second India investment within a week as just a couple of days back the firm has invested in music streaming company Saavn. Tiger Global has been on investment spree funding range of tech-startups in India amounting to more than $270 million within first half of year 2015.

Founded in 2013 by three IIT graduates – Anunay Arunav, Azhar Iqubal and Deepit Purkayastha, News in Shorts deliver news in less than 60 words, containing only the essential facts, compromising on anything that is close to opinionating and storytelling.

“The only focus that we have right now is to make sure that the app runs smoothly on lower-end smartphones as well,” said cofounder and CEO Azhar Iqubal

Since December 2014, News in Shorts has seen Android app downloads increase over 10 times from 100,000 to over one million now.

In June 2014, angel investors and mentors Ankush Nijhawan, Gaurav Bhatnagar and Manish Dhingra led its Rs 2 crore funding round, with participation from Flipkart co-founders Sachin and Binny Bansal, along with Times Internet as wel. Thereafter, it raised Rs 25 crore in a fundraising round from Tiger Global earlier this year, with participation from Japan’s Rebright Partners and Flipkart’s Bansals.

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