NewsHunt has raised INR 250 crores in Series C funding led by New York-based hedge fund Falcon Edge Capital completing their fund raise process. Existing investors Matrix Partners India, Sequoia Capital India and Omidyar Network also participated in this round of funding.
In September 2014, Newshunt had raised its Series B round of funding led by Sequoia Capital. Newshunt is the platform of choice for local language mobile Internet users with over 75 million downloads till date.
Foray Into Ebooks
NewsHunt claims to have the widest collection of regional content in over 12 languages and is the #1 app for local language users in India across app stores.
The recent foray into eBooks has created a vibrant marketplace for publishers with over 10 million local language eBooks downloaded till date by over 2 million users, 40% of which are paid users. Users pay for downloads through Newshunt’s proprietary payment platform iPayy that is now also being used by third party developers for micro-transactions through carrier billing. In the last six months, almost 4 million unique customers have used the iPayy platform for payments.
The next 500 million mobile Internet users that will emerge in India will largely be local language first – they will create and consume content and services in local languages. Our vision is to be a dominant part of their first Internet experience and serve these users with world-class products starting with Newshunt, eBooks, iPayy and many more to come. As part of this journey, we wish to partner with the entire local language ecosystem and work with passionate and talented entrepreneurs in building the first real, large scale Made in India, Made for India platform. We are excited to welcome Falcon Edge to Newshunt as we continue to further grow our platform.” said Viru Gupta, founder and CEO of Newshunt