Community media company Gramvaani has raised $500,000 from angel investors, according to a new report. In March, the social enterprise had said that it is planning to raise the money to expand its services.
Indian Angel Network along with other angels has invested in the company, said the report by Iamwire, a Delhi based website. We have reached out to Aaditeshwar Seth, the CEO & Co-Founder of Gramvaani for confirmation.
We’d profiled Seth and Gramvaani in our Doer series earlier. The community media platform was co-founded by Seth, who left his job at the IIT- Delhi to build the company and Mayank Shivan, a former McKinsey & Co Consultant.
Seth was inspired to start the company while working on internet connectivity in rural areas. His experiments with long distance wi-fi in rural areas sowed seeds of entrepreneurship in his mind.
Gramvaani started out as a community radio, but with regulatory constraints and licensing costs choking community radio in the country, the startup soon moved to Interactive Voice Response (IVR), a telephone based technology to create a social network for the undeveloped parts of the country.
The company’s first product Gramin Radio Inter Networking System created quite a buzz being the most low cost radio management solution with 2.5 million listeners across six countries. Its a software based solution for running community radio stations integrated with features such as scheduling,play out, telephony, SMS and Internet Streaming.