Sandeep Aggarwal, founder of used car marketplace Droom and e-commerce portal ShopClues, recently revealed that he has invested an undisclosed amount in media content startup WittyFeed.
While the amount invested by Sandeep is not disclosed, he usually makes an investment with a ticket size ranging from anywhere between ₹25 lakh and ₹1.5 crore.
WittyFeed was founded in 2014 by SRM University graduates Vinay Singhal, Shashank Vaishnav, and Parveen Singhal. The company offers curated listicles, charticles, and visual-led content on topics ranging from entertainment, sports, lifestyle, travel, etc.
It uses paid influencers to distribute and promote its content. It also works with brands for branded content and advertising. The company has reportedly generated revenue of $6 million as of 2016 and currently employs over 120 people.
Recently, the startup secured pre-Series A funding from a group of angel investors, including Anand Chandrasekaran, Apurva Chamaria, Ritesh Malik, and others.
Previously, Sandeep Aggarwal said that he plans to invest a total of $3 million (around ₹19.5 crore) in 12 Indian startups this year. However, he said that he refrained due to “sluggish market conditions.” Now, he intends to complete his investments by the end of next calendar year.
Sandeep says that he had invested in five startups in 2015, followed by seven in 2016. He further added that he is interested in startups operating in healthcare, data science, artificial intelligence sectors, and horizontal and vertical marketplaces.