News In Shorts, the startup behind an India-focused mobile news app, has raised a $20 million Series B round from existing investor Tiger Global.
The VC firm, which has backed a number of India’s top tech firms and this week led a $100 million raise for music service Saavn, led News In Shorts’ $4 million Series A in February. Now it’s returned to the table with a considerably larger raise to help the startup scale its service and grow its user base.
The company was started in September 2014 by Azhar Iqubal and Anunay Pandey. News in Shorts was a part of the fourth batch of Times Internet’s accelerator TLabs in 2013. It has a team of around 30 people, which it plans to expand to 50 people by the year end at its new office.
It provides its target audience with 60-word summaries of the top stories, spanning across range of categories including sports, entertainment, national and international news. The app, which has seen downloads ranging between 1 Million to 5 Million on Play Store, had earlier grabbed a $4 Million round from Tiger Global for team expansion.
The 60-word summary in the app is written by a team of its in-house of editors, who pick up and curate stories from multiple news sources across the web. These stories include a link out to a story with further information, while readers can opt in for push notifications.
With fresh capital coming in , News in Shorts is speculated to be valued anywhere between $90 Million – $100 Million, that being achieved within just an year of operations. With fresh capital coming in , News in Shorts is speculated to be valued anywhere between $90 Million – $100 Million, that being achieved within just an year of operations.
“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, 23, who dropped out of mathematics and computer science course from IIT-Delhi.