Inshorts Raises $60 Million to Fuel Social Network Growth

Inshorts Secures $60 Million Funding Amid Public App Growth

The Indian news aggregator, Inshorts, has successfully completed a new financing round, raising $60 million. This investment arrives as the company’s two-year-old venture, the social media application known as Public, demonstrates significant progress, as confirmed by Inshorts to TechCrunch on Thursday.

Investment Details and Valuation

Vy Capital spearheaded the latest funding round for Inshorts, bringing the total capital raised over the past year to $140 million. This new investment has elevated the startup’s valuation to approximately $550 million.

Previously, Inshorts was valued at around $250 million during a $41 million fundraise in March, and $125 million in September of the prior year, according to sources familiar with the financial details.

Azhar Iqubal, co-founder and CEO of Inshorts, verified the round’s size and the lead investor. However, he refrained from disclosing specifics regarding the company’s current valuation.

Investor Base

Inshorts benefits from a robust investor network, including Addition, Tiger Global, SIG, A91, and Tanglin Venture Partners.

Company Vision

“The world is in constant flux, and there’s a universal need to stay informed about these changes,” stated Iqubal. “Both the Inshorts and Public applications are designed to assist individuals in their pursuit of knowledge, and we are pleased to welcome Vy Capital as a partner in this endeavor.”

Inshorts and the Rise of Public

Inshorts has established itself as a widely-used news aggregator, delivering concise summaries of news articles – limited to 60 words – across a diverse range of subjects, including technology and business.

However, the company’s expansion into the social media landscape with the Public app has been a key driver of its growth and has attracted substantial investor interest.

Public App: Rapid Growth and Features

Launched two years ago, the Public app has quickly become one of the fastest-growing social applications in India, boasting over 60 million monthly active users.

This location-based social network facilitates connections between individuals in close proximity, such as those residing in the same residential complex or visiting the same public spaces.

The app supports multiple Indian languages – including Hindi, Bengali, Punjabi, Telugu, Tamil, Kannada, Malayalam, Odia, Assamese, Gujarati and Marathi – and functions as a platform for e-commerce, classifieds, entertainment, and recruitment.

Vy Capital’s Perspective

Vamsi Duvvuri, partner at Vy Capital, expressed enthusiasm about the partnership. “We are excited to collaborate with Azhar and his team as they build a major content platform originating from India,” Duvvuri said. “Running two leading properties with a rapidly expanding user base, we anticipate working closely with the company during its next phase of expansion.”