Inshorts, which operates eponymous news app Inshorts and location-based social media platform Public, has secured $60 million in a funding round led by technology-focused venture capital firm Vy Capital, along with the participation of existing investors, per a company statement.
The funding is said to have valued the company at about $500 million.
The latest funding is in addition to $41.3 million that the company had raised for its Public app in March. With the latest round, the company has raised a total of $140 million in the last year alone from investors including Addition, Tiger Global, SIG, A91, and Tanglin Venture Partners.
“The world is changing every minute, and each one of us has an inherent desire to remain updated about these changes. Both Inshorts App and Public App are aimed to help some of these people in their quest of keeping themselves informed and we are thrilled to have Vy Capital join us in our journey,” said Inshorts co-founder & CEO Azhar Iqubal.
Founded in 2013, Inshorts is an aggregator app that summarises news in 60 words. The platform currently claims to have 10 million users. It launched Public App, a location-based social media app, two years ago. The company claimed that Public had amassed a large user base in tier 2, tier 3 cities of the country and is available in all regional languages.
Ever since India banned Chinese apps including TikTok, Bigo Live, Vigo Video owing to a border tiff with China last year, homegrown social networks are seeing increased investor interest. InMobi’s content platform Glance, which also owns short video app Roposo, raised $145 million led by Google in December last year. At the same time, regional language news aggregator Dailyhunt, which also runs a short video service, raised $100 million.