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NewsHunt acquires product discovery and recommendation platform BuyT
MUMBAI: Local language mobile app Newshunt has acquired New Delhi-based Rocket Science Innovations, which runs a product discovery and recommendation platform called BuyT.
The BuyT team is expected to play a crucial role in building the next generation platform for NewsHunt by integrating shopping and ecommerce options for local language users on the NewsHunt Platform.
Founded in 2012 by Yogesh Tomar and Biswanath Patel, BuyT‘s proprietary product discovery and recommendation platform ContentLink has been rolled out with marquee Indian publishers and media houses and serves over 3 million recommendations per day to 30 million uniques, with over Rs 300 crore (Rs 3 billion) annualised gross merchandise volume (GMV) being driven to leading e- commerce merchants.
The BuyT team has seamlessly integrated content with commerce by making product recommendation available at the point of consumer research on leading publisher platforms.
The platform parses near realtime all major commerce sites in India for product updates and on the other end, analyzes context and user behavior on content pages and offers a rich, seamless ecommerce experience through its native, contextual, in-content widgets.
NewsHunt CEO and founder Virendra Gupta said, “BuyT has a great product which marries content with commerce. We intend leveraging BuyT platform to enable commerce on NewsHunt. BuyT will run as a standalone unit continuing its existing line of business and enabling commerce for NewsHunt users.”
In February, Newshunt had raised Rs 250 crore (Rs 2.5 billion) in Series C funding led by New York-based hedge fund Falcon Edge Capital. It also saw participation of existing investors Matrix Partners India, Sequoia Capital India and Omidyar Network.
Earlier, the company had acquired analytics and design startup Vautz.