Venture capitalist Sashi Reddi and WestBridge Capital led the $14 million Series B round that hyperlocal news platform Way2News raised.
According to a press release from the company, Way2News will use the new funds to concentrate on growing its operations, improving technology, and entering the South Indian market.
The Bengaluru-based company raised $16.75 million in a Series A round in June 2022.
Way2News, which was established in 2015, states that it has over 50 million downloads across app stores, 6.5 million daily active users, and 13 million monthly active users.
Way2News, based in Hyderabad, provides brief, pertinent, and dependable news articles in their native tongues—Telugu, Tamil, Kannada, Malayalam, Marathi, Bengali, and Gujarati—that go beyond districts to villages and mandals.
The media reports that Way2News saw a 6% increase in operating revenue from Rs 27.35 Cr in FY22 to Rs 29 Cr in FY23. Way2News made a profit of Rs 4.78 Cr in FY22 but lost Rs 15.14 Cr in FY23.
Way2News is up against competition in the news aggregation market from InShorts, Dailyhunt, Inshorts’ Public app, and Feedly.
