Way2News, a city-based vernacular short news app has raised $16.75 million as part of its Series-A round from investors WestBridge Capital and renowned venture capitalist Sashi Reddi.
A press release from the firm said the investment marks WestBridge Capital’s debut investment in the media and entertainment sector in India.
The company plans to use the fresh capital to expand its user base across Tamil Nadu, Karnataka and Kerala and on hiring teams in editorial, sales, marketing, and scaling their robust AI-based technology to minimise human intervention in delivering credible news.
"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, crowd-sourced News Platform, coupled with smarter AI-based quality checks, is revolutionary and sustainable," said Raju Vanapala, founder and CEO of Way2News.
"Way2News has shown a remarkable ability to scale and grow capital efficiently. Their user acquisition approach, engagement, and retention rates are unique and best-in-class in the industry. Their 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 them," said Sumir Chadha, co-founder and managing director at WestBridge Capital.