Indian digital media startup nets $60m in new funding round

India-based Inshorts, which operates an eponymous news app and a hyperlocal social network called Public, has raised US$60 million in funding from Vy Capital and other existing investors.

This means that so far, the startup has secured US$140 million in the last year from investors such as Tiger Global, Tanglin Venture Partners, SIG, A91 Partners, and Addition.

Inshorts CEO and co-founder Azhar Iqubal / Photo credit: Inshorts

Inshorts said the new funds will be used to scale up its tech infrastructure, content offerings, and employee base.

Founded in 2013, Inshorts is an app that curates news items across categories like sports, politics, business, entertainment, and technology. According to the company, it has more than 10 million monthly active users.

The two-year-old Public app has also gained traction in India, especially in Tier 2 and Tier 3 cities. The location-specific social networking app allows users to record and share happenings in their cities or towns. Public has more than 50 million active users who upload one million videos every month, according to Inshorts.

Inshorts CEO and co-founder Azhar Iqubal said in a statement that while larger platforms like Facebook, Instagram, and Snapchat allow users to connect with friends and family on a wider scale, “the problem of connecting to locality remains unsolved,” and Public is the company’s attempt to address that.

In March, Public raised US$41.3 million in a round led by A91 Partners that valued the app at US$250 million. The fundraise also saw participation from Addition, SIG Global, and Tanglin Venture Partners. Inshorts said late last year it would plow US$35 million it had raised in funding to grow Public.