News In Shorts, a mobile app which provides top news stories of the day in 60 words, has raised $20 million (Rs 127 crore) from its existing investor Tiger Global.
The series B round of funding will be primarily used for expansion of the team and further improvement of the app’s user experience.
The company was set up in 2013 by Azhar Iqubal and Anunay Arunav of IIT Delhi, and Deepit Purkayastha of IIT Kharagpur.
“Our vision at News In Shorts is to make the consumption of news easy, accessible and essential to every consumer across the spectrum. This investment by Tiger Global is a great testimony of that vision,” the company’s co-founder Iqubal said in a statement.
“Our core focus remains enhancing the user experience by constantly raising the bar for a better product and this investment will be used primarily for that,” he added.
News In Shorts gives 60-word summaries of the day’s top stories spanning a range of categories, including sports, entertainment, national and international news.
Each summary is written by its in-house team of editors, and includes a single link out to a story with further information.
The app, which enjoys strong traction with the youth, has received more than one million downloads.
With the latest round of fund infusion, the company is speculated to be valued between $90 million and $100 million.
News In Shorts, in February, had garnered $4 million through a series A round led by Tiger Global with participation from Rebright Partners of Japan and existing angels Ankush Nijhawan, Gaurav Bhatnagar, Manish Dhingra and Flipkart founders Sachin and Binny Bansal.