AAA Inshorts pockets $60m in funding

Inshorts pockets $60m in funding

Inshorts, the India-based news aggregator platform operator backed by quantitative trading firm Susquehanna International Group (SIG) and media group Bennett Coleman & Co (BCC), has raised $60m.

The round was led by technology investment firm Vy Capital and also featured undisclosed existing investors. It valued the company at approximately $550m, according to TechCrunch.

Founded in 2013, Inshorts runs an online news aggregation service that publishes news stories in 60 words or less. It launched a location-based social networking platform called Public App in 2019.

Azhar Iqubal, co-founder and chief executive of Inshorts, said: “The world is changing every minute, and each one of us has an inherent desire to remain updated about these changes.

“Both Inshorts App and Public App are aimed to help some of these people in their quest of keeping themselves informed and we are thrilled to have Vy Capital join us in our journey.”

The company has raised at least $165m to date, including money secured by Public App. It received an undisclosed amount of seed funding in 2014 from BCC subsidiary Times Internet and individuals such as Sachin Bansal and Binny Bansal.

Hedge fund manager Tiger Global Management led a $4m series A round for Inshorts in early 2015 that was backed by Rebright Partners as well as Sachin and Binny Bansal, before providing $20m in series B funding for the company later that year.

Inshorts raised a further $5m from Tiger Global in 2017, and its Public App subsidiary picked up $35m in a September 2020 round led by Addition and backed by SIG and Tanglin Venture Partners.

Venture capital fund A91 Partners subsequently led a $41m round for Public App in March 2021 that included undisclosed existing investors at a $250m valuation.