Friday, Aug 12 2022 | Time 15:30 Hrs(IST)
image
Business Economy


Hyderabad-based Way2News raises $16.75 million in series-A round

New Delhi, June 9 (UNI) Hyderabad-based hyperlocal digital news platform Way2News on Thursday said it has raised $16.75 million as part of its series-A round from investors WestBridge Capital and venture capitalist Sashi Reddi.

The company plans to use the fresh capital to expand its user base across Tamil Nadu, Karnataka and Kerala.

Accordingly, it will invest on hiring teams in editorial, sales, marketing, and scaling up AI-based technology to minimize human intervention in delivering news.

"At a time when existing social media and news syndication platforms may falter to find reliable local news, Way2News has cracked the code, enabling users to find credible news from small towns and villages while ensuring depth of coverage. Our mobile-first, crowdsourced news platform, coupled with smarter AI-based quality checks, is revolutionary and sustainable," said Raju Vanapala, Founder & CEO of Way2News.

Founded in 2016, Way2News provides short news updates vetted by its editorial staff. The firm allows verified stringers to write and contribute regularly, making it a de-facto platform for citizen journalists.

The firm said that over 30,000 on-the-ground reporters contribute 5,000 unique stories from 23 combined districts, 1,100 mandals, and towns in Andhra Pradesh and Telangana making it the leading hyperlocal citizen journalism platform for news-based content in the two Telugu-speaking states.

"With over 8 billion monthly screen views and an MAU to DAU ratio of over 50 per cent, Way2News has emerged as the most engaging app in the vernacular news category," the firm said.

Sumir Chadha, Co-founder and Managing Director at WestBridge Capital in a statement said that Way2News has shown a remarkable ability to scale and grow capital efficiently.

"Their user acquisition approach, engagement, and retention rates are unique and best-in-class in the industry," said Chadha.

UNI NK
More News
Axis Bank signs MOU with FCI

Axis Bank signs MOU with FCI

12 Aug 2022 | 1:31 PM

Mumbai, Aug 12 (UNI) Axis Bank, India’s third largest private sector bank, has signed an MOU with the Food Corporation of India (FCI) to provide “Ultima Salary package”, a best in class salary account with exclusive benefits and features to all its employees.

see more..

CriticalRiver extends support to Kirti's Buniyaad program

12 Aug 2022 | 1:25 PM

Hyderabad, Aug 12 (UNI) CriticalRiver, a global digital and technology consulting services company, on Friday announced that it is extending support to Kriti Social Initiatives’ Buniyaad program as part of its Community development initiative to commemorate India’s 75th Independence Day.

see more..

ADIA to invest in Aditya Birla Health Insurance

12 Aug 2022 | 1:09 PM

Mumbai, Aug 12 (UNI) The Boards of Directors of Aditya Birla Capital Ltd (ABCL) and Aditya Birla Health Insurance Co Ltd (ABHI) approved a proposal for a primary capital infusion of Rs. 665 crore in ABHI, from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA).

see more..
J&J to transition from talc-based baby powder to corn-starch instead

J&J to transition from talc-based baby powder to corn-starch instead

12 Aug 2022 | 1:09 PM

New Brunswick(US), Aug 12 (UNI) Johnson & Johnson (J&J) will stop making and selling its talc-based baby powder around the world from next year.

see more..

Universal Sompo's discount on annual premium

12 Aug 2022 | 12:53 PM

Mumbai, Aug 12 (UNI) To raise awareness about organ donation, Universal Sompo General Insurance Co has announced a 2.5 per cent reduction on the yearly premium for its Complete Healthcare Plan.

see more..
image