- PV Sindhu Enters Quarter-final of Hong Kong Open Super Series
- Padmavati cleared for Dec 1 release in Britain, SC allows advocate to file fresh plea
- Bharti family pledges Rs 7000 crore towards philanthropy
- Indian Navy gets its first woman pilot, 3 women NAI officers
- Colonel arrested for raping Lt- Colonel's daughter in Shimla
- Pradyuman murder case: Ashok was beaten, tortured and sedated to force his confession, claims wife
- Election Commission grants 'two leaves' symbol to unified AIADMK
News in Shorts raises Rs 127 cr from Tiger Global
MUMBAI: News in Shorts, the news app that provides crisp news in 60 words, has raised Rs 127 crore (Rs 1.27 billion) from its existing investor Tiger Global Management.
The deal values the start-up at Rs 570-635 crore (Rs 5.7-6.35 billion), according to a report in The Economic Times.
The new round of funding is five times of what the start-up had raised from the private equity firm in February this year. Tiger Global had invested Rs 25 crore (Rs 250 million) in Series A funding in the start-up.
The latest round of funding is a huge vote of confidence for the start-up. Digital news platforms have caught the fancy of investors due to the growing consumption of news on mobile.
Co-founder and CEO Azhar Iqubal told the business daily that the focus right now is to make sure that the app runs smoothly on lower-end smartphones as well.
Having crossed the 1 million downloads on android, Iqubal now hopes to reach five million downloads by the end of 2015.
While it is yet to start monetising, the start-up intends to do so through sponsored content and native advertising.
News in Shorts had raised Rs 2 crore (Rs 20 million) in June 2014 from angel investors and mentors Ankush Nijhawan, Gaurav Bhatnagar and Manish Dhingra. There was participation from Flipkart co-founders Sachin and Binny Bansal as well as Times Internet.