VerSe Innovation raises $16 M in series B Funding
CoolAvenues Newswire | September 24,2014 11:47 am IST
Verse Innovation which owns Newshunt, mobile news aggregator platform has raised Series B funding of $ 16 Million (Rs. 100 Crores) from Sequoia Capital, Matrix Partners and Omidyar.
Verse Innovation will use the funds to build a platform product for Indian language user and partner with more publisher and partners.
NewsHunt was started in 2009 by Umesh Kulkarni and Chandrasekhar Sohoni in 2009 and was acquired by Verse Innovations in 2012. The app developed by Newshunt allows mobile users to download regional language newspapers. The company offers 11 languages and 87 publications on newshunt. The company has presence in Africa and Bangladesh also.
The app is currently available on all leading mobile operating systems, including Android and iOS, among others. On Android alone, NewsHunt has registered over 10 million downloads.The firm claims that NewsHunt provides 1.5 billion news stories every month, and has catered to 50 million users since going live.
Newshunt has launched eBooks in November 2013, a collection of digitised Indian language literature. The eBooks are available in Hindi, Tamil, Malayalam, Marathi and English from over 50 publishers. The ebooks are available in text format and not in image or PDFs format so as to minimise the bandwith usage and keeping in mind of internet speed in India.
NewsHunt has also launched ipayy, a proprietary payment platform which is being used by third party developers for micro transactions.