InShorts, popularly known for its news app, has raised $35 Million in a funding round led by Lee Fixel’s Addition. SIG Global and Tanglin Venture Partners, also participated in the round and valued the startup at about $125 Million, TechCrunch reported citing person familiar with the matter.
Lee Fixel had earlier invested in InShorts in 2015 via Tiger Global Management which he left in 2019 to set up “Addition” (a venture capital firm). With this new round of funding, InShorts has become the first Indian startup to be backed by Addition.
Azhar Iqubal, Founder and CEO, Public app said in a statement that the company is thrilled to have such support from its investors-Addition, SIG Global and Tanglin Venture Partners in its journey towards building the world’s largest location-based social network platform. He also added-Public app has over 50 million active users and they upload over 1 million videos every month on the app, with such good response from its users the app aims to connect the local communities of Bharat and wants to become the one stop solution for all their local needs.
Inshorts plans to utilize the funds to boost the growth of its social network app
InShorts will utilize the funds to scale up the tech infrastructure, content offerings and employee base to enhance the growth for its location based social network app-Public, launched in April 2019. Since the launch-date of the app (Public app), more than 60 Million people have downloaded it on their smart devices.
Public app which provides local updates, news, jobs and a classified platform to its users, is available in major Indian languages like Hindi, Punjabi, Bengali, Malyalam, Kannada, Telegu, Tamil, Odia, Gujarati, Assamese and Marathi.