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News In Shorts raises $20 million from Tiger Global

News in shorts

News curator application News In Shorts has raised $20 million from Tiger Global in a Series B funding. The company said that the investments will be used primarily for expansion of the team and improving the user experience further. News In Shorts had earlier in February raised $4 million through a Series A round led by Tiger Global, with participation from Rebright Partners of Japan and existing angels Ankush Nijhawan, Gaurav Bhatnagar, Manish Dhingra and Flipkart Founders Sachin and Binny Bansal.

Started in August 2013 by Azhar Iqubal, Deepit Purkayastha and Anunay Arunav, News In Shorts aggregates news across various categories and offers 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. Readers can also opt in for push notifications.

The company in February said the app publishes about 60 articles per day and plans to increase that to about 300. News In Shorts also says it will be adding audio and video streaming along with a layer of personalization in the coming months.  It has no plans for monetization for at least two years but said it will be looking at native advertising and sponsored content later.

Earlier funding:  It had previously received funding of Rs 10 lakhs (for 10% stake) while being part of TLabs’ fourth startup batch in September 2013.

Competition 

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– There is Yahoo’s News Digest app that was built on top of Summly, the mobile news aggregation app Yahoo had acquired last year. However, Yahoo had mentioned that it uses a mixture of algorithm and manual editors to select the important articles and identify the important bits and pieces of information in the story.

–  It’s worth noting that Times Internet (then Indiatimes) had launched an initative called Speed News for Times of India back in October 2010. This enabled reporters to publish short updates from various cities across India. The service still exists and is still in Beta and is available on the Times of India website.

– On a global level, it’s worth noting that Circa News which provided a similar service, has been put on an indefinite hiatus. “Producing high-quality news can be a costly endeavor and without the capital necessary to support further production we are unable to continue,” a statement from the company read. There’s also Inside.com which is still operational.

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