The Indian mobile app firm will be using the undisclosed amount mainly for marketing, product improvement and expansion
News in Shorts (NIS), an app that promises to deliver news in 60 words, has recently closed a round of seed fund from Times Internet, and serial entrepreneurs Ankush Nijhawan, Gaurav Bhatnagar, Manish Dhingra, and Co-founders of Flipkart Sachin and Binny Bansal.
The undisclosed amount will be used by the Delhi-based company mainly for marketing, product improvement and expansion.
News in Shorts aims to save time and hence, delivers news in a succinct way. It targets the mobile Indian and wishes to transform the news scenario of the country.
NIS was started in September 2013 by three IIT dropouts Azhar Iqubal, Deepit Purkayastha and Anunay Arunav. The app is currently available on Android and will be available on iOS by the first week of August.
Expressing the company’s view, Iqubal said, “Everyone is short of time in the today’s fast paced world. No one wants to spend half-an-hour daily in reading news. We are solving this problem. We want to make everyone aware, but value their precious time.”
On the company’s investment in News In Shorts, Abhishek Gupta of Times Internet said, “We are very keen on mobile as a medium, along with that micro-content consumption has seen a rise. I am very confident in the NIS team’s ability to capture this space and build a formidable business.”
Sachin Bansal, Co-founder and CEO of Flipkart said, “I myself am a user of the product and it saves a lot of my time every day. News in Shorts has the opportunity to redefine the future of news consumption via mobile.”
“The old and obsolete methods of dissemination of information are mostly redundant and NIS is the future, both technologically advanced and highly efficient,” added serial entrepreneur Manish Dhingra.
The intent is to ensure that everyone remains aware with the major happenings, in no time. NIS sources the most relevant stories from across all the major media houses and presents it in a crisp and mobile first format. With the smartphone penetration on a meteoric rise especially in the 18–35 age group, the firm sees a huge opportunity in the segment as consumers are increasingly moving towards consuming content on their smartphones.