InShorts, a mobile-based content discovery platform, has secured around ₹32 crore ($5 million) in a new funding round from its existing investor Tiger Global Management’s Singapore investment vehicle — Internet Fund III Pte Holdings.
According to the report from Inc42, the capital has been raised as a bridge round. The amount was later transferred to the Indian subsidiary of the startup — Inshorts Media Labs.
There were reports making rounds since August this year that the startup is in talks with Tiger Global for a new funding round. Tiger Global Management has also previously invested around $20 million in the Noida-based company in July last year.
InShorts was founded in April 2013 by Azhar Iqubal, Deepit Purkayastha and Anunay Arunav. The company, which was previously known as News In Shorts, is a digital media startup that provides aggregated news items.
It works as a content discovery platform with videos, infographics, podcasts and blogs, among other kinds of content, in two languages as of now — English and Hindi.
The platform provides news in 60 words or less, targeting the fast-paced generation. Users can also have a look at the detailed news byte, within the app. It also offers a personalisation option with ‘My Feed’ through its AI engine.