Inshorts To Raise $15 million, Tiger Global To Lead Funding Round

News app Inshorts is in advanced talks to raise $15 million from new and existing investors, after a hiatus of nearly two years. Existing investor Tiger Global will lead the funding round, which will also see participation from new Chinese investors, two people familiar with the plans told BloombergQuint requesting anonymity.

Tiger Global’s investment vehicle, Internet Fund 3, has already invested $5 million in the news media startup, filings with the Accounting and Corporate Regulatory Authority of Singapore show. Inshorts’ other investors include Japan’s Rebright Partners, Flipkart founders Sachin and Binny Bansal, among others.

Deepit Purkayastha, co-founder and chief strategy officer at Inshorts declined to comment. Tiger Global did not respond to an email seeking comment.

Inshorts, which publishes 60-word summaries of major news stories around the world in the form of virtual placards on its app, generates revenue through advertisements and sponsored content.

The Noida-based startup, which had last raised $20 million in a Series B round of funding from Tiger Global in 2015, reported a loss of Rs 40.2 crore for the financial year ended March 2017 compared to a loss of Rs 34.3 crore the previous year. The company saw its revenue rise to Rs 6.4 crore this year from Rs 23 lakh in March 2016. The firm is looking to end the year with revenue of Rs 35 crore, one of the people quoted above added.