Published: Published Date – 06:08 PM, Thu – 9 June 22
Hyderabad: Hyderabad-based vernacular short news app, Way2News, has raised $16.75 million (about Rs 130 crore) as part of its Series-A round from investors WestBridge Capital and from venture capitalist Sashi Reddi. This 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. The company will be hiring teams in editorial, sales, marketing, and scale up their AI-based technology to minimise human intervention in delivering news.
“Way2News is enabling users find news from small towns and villages while ensuring depth of coverage. Our mobile-first, crowd-sourced news platform, coupled with AI-based quality checks, is sustainable,” said Raju Vanapala, Founder and CEO.
“The user acquisition approach, engagement, and retention rates are unique, “ said Sumir Chadha, Co-founder and Managing Director at WestBridge Capital.
Founded in 2016, Way2News provides short news updates. It allows verified stringers to write and contribute regularly. Over 30,000 people contribute 5,000 stories from 23 districts in AP and Telangana.