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HT Media’s startup accelerator has invested Rs 1.5 Cr in media startups

HT Media has said that it has invested Rs 1.5 crore in new media startups through its MediaHacks accelerator, CEO Rajiv Verma said in call with analysts. Earlier in May 2015, HT Media had started MediaHacks with North Base Media. At the time, HT Media and North Base Media said they will be initially investing $50,000 to $100,000 in the selected startups for a minority stake. "As a part of MediaHacks, three or four ideas have been funded for young promoters with a funding between Rs 50 lakhs to 1 crores each," Verma said in the call. "As more and more ideas keep coming we will continue to fund them and figure out depending on the quality of those ideas," he added. Earlier in December last year, HT Media invested an undisclosed amount in Planet GoGo, a lock screen and news snippets app. The app lets users read the latest news on the lock screen without unlocking. Users can swipe through to read more stories, or swipe the unlock button to get to their home screens. Around the same time,  DealStreetAsia, a digital media platform based in Singapore, raised an undisclosed amount of funding from various investors including HT Media. On digital capex HT Media's chief financial strategist Vinay Mittal said that the capital expenditure (Capex) in Q3 FY16 stood at Rs 90 crore with "a large chunk went into the newsroom upgradation to combine the digital & print media editorial teams." In the preceding quarter, the company hived off its digital content production business…

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