Delhi-based media website Inc42 has raised pre-Series A funding from institutional funds like Unicorn India Fund and Mohandas Pai’s fund Aarin Capital; as well as a cluster of angel investors and entrepreneurs, the company announced in a blog post. An iamwire report claims that the size of the investment closed in at Rs 3 crore.
The company, which was founded in January 2014 by Vaibhav Agarwal, Pooja Sareen and Utkarsh Agarwal, will use the funds to build its technology arm, and conduct more experiments with respect to content, events, products, etc aimed at the startup community in India. It plans to add 1,000 more contributors (from its current 500) and influencers including global investors and founders.
Inc42 is also working on multiple products which it claims will make companies and startup founders to make informed decisions in building a business. It has also launched a new initiative targeted towards student entrepreneurs.
The current funding round saw participation from entrepreneurs including: Amigobulls founder Chandu Sohoni; Freecharge founders, Kunal Shah and Sandeep Tandon; InMobi founders, Mohit Saxena & Amit Gupta, Provogue brand founder Salil Chaturvedi; and Atom Technologies founder Dewang Neralla, among others. It had previously raised angel funding led by Ritesh Malik of Guerrilla Ventures, Nikunj Jain of now Frankly.me, Dewang Neralla, CEO of Atom Technologies, and Prabhu Ram, Ex-EBS.
Investments in digital media sector:
– Bangalore-based news portal The News Minute raised an undisclosed angel funding from Quintillion Media, in December, last year. The News Minute focuses on curating news and content from southern India.
– DealStreetAsia, a digital media platform based in Singapore raised an undisclosed amount of funding from investors including Vijay Shekhar Sharma, founder and CEO of Paytm, Singapore Angel Network (SGAN), along with participation from HT Media and other unnamed investors. The company plans to raise a Series A funding in Q1 2016.
– Startup-focused media portal YourStory, raised an undisclosed amount of funding in a Series A round, led by Kalaari Capital, along with participation from Qualcomm Ventures, T V Mohandas Pai and Ratan Tata.
– In November, Media and news startup ScoopWhoop raised $4 million in a round of funding from Kalaari Capital, to expand ScoopWhoop Talkies, its video production unit.
– In the same month, Delhi based POPxo, a website which details pop culture in the Indian youth, raised $1.98 million from IDG Ventures, Kalaari Capital, along with participation from 500 Startups.
Digital media companies which recently expanded to India:
– In November, media company Tech in Asia announced its expansion to India, two years after it started covering the Indian startup scene on its main website. The company has also appointed an initial team of editorial, business development and events staff for operating in India.
– The same month, Mashable launched Mashable India, a local edition of the website, in partnership with India.com. The company has a dedicated editorial team based in Mumbai and New Delhi for coverage from India.
– In August, Dubai based media and entertainment company, launched 101India.com, an online youth targeted content portal with videos, photo essays, blogs and listicles
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