Vernacular short news app Way2News raises $16.75 mn in Series-A round led by WestBridge Ca
Posted on: 10/Jun/2022 10:18:30 AM
Vernacular short news app, Way2News has raised an impressive $16.75 million as part of its Series-A round from investors WestBridge Capital and from renowned venture capitalist Sashi Reddi. This marks WestBridge Capital`s debut investment in the media & entertainment sector in India.
The company plans to use the fresh capital to expand its user base across Tamilnadu, Karnataka & Kerala. The company will spend investment on hiring teams in editorial, sales, marketing, and scaling their robust AI-based technology to minimize 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, crowdsourced News Platform, coupled with smarter AI-based quality checks, is revolutionary and sustainable," said Raju Vanapala, Founder & CEO.
"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.
Way2News
Founded in 2016, Way2News provides short news updates vetted by experienced editorial staff. Known for its hyperlocal news, it allows verified stringers to write and contribute regularly, making it a de-facto platform for citizen journalists with unparalleled coverage penetration.
Over 30,000 on-the-ground reporters contribute 5,000 unique stories from 23 combined districts, 1,100 mandals, and towns in AP & Telangana, making it the largest Hyperlocal citizen journalism platform for news-based content in the two Telugu-speaking states.
With over 8 billion monthly screen views and an MAU to DAU ratio of over 50%, Way2News has emerged as the most engaging app in the vernacular news category.
WestBridge Capital
WestBridge Capital is an experienced investment firm that manages over $7 billion in funds across India and Mauritius with a focus on investments in India. With its capital and experience, WestBridge Capital helps companies succeed. WestBridge aims to partner with some of India`s most promising mid-sized companies run by outstanding entrepreneurs and management teams, whether they are public or private. The team at WestBridge has invested in over 130 companies. With this wealth of experience, the team is able to assist its portfolio companies in many areas, including strategy, operations, management recruiting, and fundraising.
