Thursday, Sep 28 2023 | Time 17:42 Hrs(IST)
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.

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