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Times Internet invests $15 million in Taskbucks for majority stake


Times internet has invested $15 million for an majority stake in services startup Taskbucks. The Gurgaon-based company was founded in 2014 by Kumar Apurva and is a mobile-only tasks marketplace that connects users with brands and enterprises. The Android-only platform offers tasks to consumers who are rewarded for finishing these. The company claims that the app has nearly 5 million downloads and adds 1 million new users each month.

Taskbucks currently offers brands the option for app discovery, user retention, referral tasks, offer signups, and social content sharing, as promotions that they can offer consumers. The company claims that it will be adding crowd sourced tasks, surveys, opinion polls, offline photo tasks, and other modules. The funds raised will be used to build out more ways for companies to leverage access to their user base. The company also plans to launch Taskbucks Pro, a premium version of Taskbucks where users can perform real-world tasks for brands, to earn more.

Times Internet’s previous strategic partnerships

– In August, Times Internet entered into a strategic partnership with Coursera, a massive open online courses (MOOCs) company, to ‘assist Coursera’s growth in India’. Times Internet has also participated in Coursera’s Series C funding worth $49.5 million.

– In March, Times Internet entered into a strategic partnership with the taxi booking service Uber in a deal that was “centered around a commercial marketing arrangement accompanied by a small investment”, according to the company. The marketing part of the deal, according to Uber CEO Travis Kalanick, included the Times of India groups “print, radio, OOH, and digital marketing platforms”.

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– In May, the Bennett, Coleman and Co Limited (BCCL) owned Times Internet signed a deal with Perform Group’s football portal Goal to bring worldwide content to India. Under the strategic deal, Times Internet would have exclusive rights to the Goal brand in India and drive local commercialization of Goal across both desktop and mobile. The Times Group would cross-promote the Goal brand across its wider sports vertical and offline publications.

– Times Internet had invested in ecommerce venture Fab to help it enter India, but likely lost money on that deal.

– In November last year, Times Global Partners forayed into videos by a signing a strategic partnership with Electus Digital, the digital creative and distribution arm of the production studio Electus. As part of this partnership, Times Internet launched the Indian editions of three Electus Digital websites: the comedy site CollegeHumor.com, geek culture site Dorkly.com and Hip-hop focused celebrity site WatchLOUD.com.

– It also helped luxury blog Pursuitist launch its Indian edition Pursuitist.in which went live in December 2013.

– Same with UK-based media group Future Plc for the Indian edition of its technology news and reviews site TechRadar and San Francisco-based digital publishing company Say Media for Indian editions of Say Media’s home design site Remodelista and tech news site ReadWrite.

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© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ