Vernacular hyperlocal short news app Way2News Pvt. Ltd has raised $16.75 million in series A funding round from WestBridge Capital and venture capitalist Sashi Reddi.
This investment is WestBridge Capital’s first strategic investment in the media and entertainment sector in India.
The company plans to use the funds to expand its user base in Tamil Nadu, Karnataka and Kerala.
It will also use the fresh capital to enhance its robust AI-based technology to reduce human intervention in editorial, sales, marketing and hiring teams in delivering credible news.
The Bengaluru-based Way2News was founded in 2016 by Raju Vanapala, It provides short news updates vetted by editorial staff. Known for hyperlocal news, the platform also allows verified stringers to write and contribute regularly.
“At a time when existing social media and news syndication platforms may falter to find reliable local news, Way2News has cracked the code, enabling users to find credible news from small towns and villages, while ensuring depth of coverage. Our mobile-first, crowdsourced news platform, coupled with smarter AI-based quality checks, is revolutionary and sustainable,” said, Raju Vanapala, founder and CEO, Way2News.
The company has over 30,000 on-the-ground reporters who have contributed 5,000 stories from 23 combined districts, 1,100 mandals and towns across AP and Telangana.
In addition, the company has over eight billion monthly screen views and an MAU to DAU ratio of over 50 percent.
“Way2News has shown a remarkable ability to scale and grow capital efficiently. Its user acquisition approach, engagement, and retention rates are unique and best-in-class in the industry. Its focus on providing delightful experiences to users and passion to make Way2News the largest vernacular platform excites us, and we look forward to a long partnership with the company”, said, Sumir Chadha, Co-founder and Managing Director at WestBridge Capital.
Investment firm WestBridge Capital manages over $7 billion in funds across India and Mauritius and has invested in over 130 companies so far.
Way2News is India’s no.1 Hyperlocal Short News App that provides real-time latest news updates in short and summarized format, and in a personalized format for you in 8 Indian languages. Choose your preferred language from Hindi, Marathi, Telugu, Tamil, Malayalam, Kannada, Bangla, and Gujrathi and experience unique flip-to-read experience and stay updated with the current affairs.
In addition, you can access the complete news story or content if you desire to view full news articles. They have divided categories according to your preferences from business, sports, politics, technology, digital magazines or entertainment. Way2News has got it all covered in one place including the news in your surroundings. Read short news and stay updated with the current affairs on your fingertips.