Digital daily Scroll.in has raised investment from the philanthropic venture capital firm Omidyar Network, with participation from New York-based Media Development Investment Fund (MDIF), reports VCCircle. The investment was made into Scroll India’s US-based parent Scroll Media Inc,
While Scroll.in CEO Samir Patil declined to disclose the deal size to the publication, he mentioned that they will be using this investment to improve its technology and increase the editorial content.
Patil also mentioned plans of monetizing the content through native and other types of ads. Remember that Patil had earlier told Medianama that there’s a shift in mood regarding native advertising in the country and the market is ready for such ad formats. He said:
“In advertising the pressure is more on the creative now. If you make a good ad, millions will watch it without them having to pay a penny. Even advertising gets shared and native ads need to be thought of similarly as creatively as piece of content,” More on that here.
Earlier this year, Scroll.in had partnered with Atlantic Media’s mobile-first digital publication Quartz to launch Quartz India, which went live last month. Scroll has co-publishing deal with Quartz, as part of which Scroll.in was expected to take care of all the content, while Quartz will take care of all the monetization.
There is a revenue sharing agreement in place between both the companies, although Scroll.in founder Samir Patil had earlier declined to comment on the exact details. Interestingly, Quartz India Sruthijith KK and the Quartz India editorial team are on the rolls of Scroll.in.
Patil had earlier founded ACK Media, in which Future Group had acquired majority stake in July 2011. He is also the co-founder of Smaash Entertainment Pvt Ltd, a sports-based entertainment centre, and Styloot, a fashion portal.
In May 2013, The Times of India had reported that eBay founder Pierre Omidyar-backed Omidyar Network is looking to invest $100-200 million over the next 3-5 years in India. Between 2010 and 2013, Omidyar Network had invested over $100 million in 35 companies in the country. Some of these companies are Quikr, d.light Design, EnglishHelper, Treehouse, Akshara Foundation, Teach for India and iMerit Technology Services.