“NewsHunt” is an Indian news app that is planning to evolve into a digital content marketplace. To continue its evolution, NewsHunt has raised about $40 million.
The new round of financing is actually a combination of the startup’s Series A and Series B fund raising, both of which collected about $ 20 million. New York based hedge fund, Falcon Edge Capital led the round, with participation from existing investors Matrix Partners, Sequoia Capital and Omidyar Network. The Bangalore-based startup, NewsHunt, raised about $18 million back in October 2014.
The services provided by NewsHunt is primarily focused in India, where it is available in twelve different languages. It covers more than 100 publications, with a daily download of 30 million from regional users and another 40 million download from overseas users. It is also available in Bangladesh, where it has tie-ins with different media. It is also available in some parts of Africa, where it works with different operators.
English language literacy in India is about 10 percent only. This has become an issue for NewsHunt, at this moment, as it is currently trying to evolve into a digital content marketplace. Since it has already ventured out into other kinds of contents such as video, a mere focus on the business aspect of News and call it an emerging market version of Flipboard, does NewsHunt a great disservice.
To people who are running NewsHunt, the focus makes absolute sense. Much like the chat apps in India, NewsHunt is a service that many in India turn to each day. Having gained their attention and investment, it makes sense that NewsHunt will offer related products and services which can accessed around its core news service.
NewsHunt is staying quiet about the prospect of international expansion. Having raised money from outside India, it seems certain that NewsHunt is planning to go global with their content marketplace platform.