Update: Times Internet CEO Satyan Gajwani informs us that the investment in News In Shorts is from Tiger Global, and not Lee Fixel in his individual capacity. The report below has been corrected to indicate the same.
Mobile news aggregator News In Shorts has raised Rs 25 crore from Tiger Global, reports the Economic Times. The report added that the deal could value the news startup at Rs 100 crore. The round of funding also saw participation from Rebright Partners of Japan, existing investors Flipkart’s Sachin and Binny Bansal.
The app publishes about 60 articles per day and plans to increase that to about 300 in the next three months. The Noida-based company will also expand its team from 16 to 60. News In Shorts also says it will be adding audio and video streaming along with a layer of personalization in the coming months. The company has no plans for monetization for at least two years but said it will be looking at native advertising and sponsored content later.
Started in August 2013 by Azhar Iqubal, Deepit Purkayastha and Anunay Arunav, News In Shorts aggregates news across various categories and offers a 60-word summaries to its users along with a link to the original article.It currently provides these summaries through an Android and iOS app.
Earlier in July last year, News In Shorts raised an undisclosed amount of seed funding from Times Internet, Flipkart co-founders Sachin and Binny Bansal and entrepreneurs Ankush Nijhawan, Gaurav Bhatnagar and Manish Dhingra. It had previously received a seed funding of Rs 10 lakhs (for 10% stake) while being part of TLabs’ fourth startup batch in September 2013.