Bangalore based Newshunt, one of India’s leading local language mobile app has secured INR 250 crore investments from New York based hedge fund Falcon Edge Capital.
Newshunt which has seen about 75 million downloads is available in 12 different local languages including Hindi, Marathi, gujarati, Punjabi, Bangla, Kannada, Tamil, Telugu, Malayalam, Oriya and Urdu language.
Newshunt’s existing investors Matric partners india, sequoia Capital india and Omidyar Network also participated in this round of funding.
Earlier to this Newshunt had raised Series B round of funding led by Sequoia Capital.
Newshunt App is a flagship product of Verse Innovation private limited which provides regional language news and ebook on all mobile platforms and devices including J2ME, Windows, Symbian, Blackberry, Android & iOS..
The recent foray into eBooks,providing a world class experience in local languages, has created a vibrant marketplace for publishers with over 10 million local language eBooks downloaded till date by over 2 million users, 40% of which are paid users.
Users pay for downloads through Newshunt’s proprietary payment platform iPayy that is now also being used by third party developers for micro-transactions through carrier billing. In the last six months, almost 4 million unique customers have used the iPayy platform for payments.
Viru Gupta, founder and CEO of Newshunt said, “The next 500 million mobile Internet users that will emerge in India will largely be local language first – they will create and consume content and services in local languages. Our vision is to be a dominant part of their first Internet experience and serve these users with world-class products starting with Newshunt, eBooks, iPayy and many more to come. As part of this journey, we wish to partner with the entire local language ecosystem and work with passionate and talented entrepreneurs in building the first real, large scale Made in India, Made for India platform. We are excited to welcome Falcon Edge to Newshunt as we continue to further grow our platform.”
Company has also announced it via twitter;
Falcon Edge Capital also invested in Foodpanda and housing.com.