Mumbai: Bangalore-based news website The Better India on Monday announced an investment of 1 crore from Intellecap Impact Investment Network (I3N or I-cube-N).

Led by the husband and wife duo of serial entrepreneur Dhimant Parekh and wife Anuradha Parekh, The Better India, which has won several awards including the Manthan Award for Best Alternative News Site across South Asia, said the lead investor was Raveen Sastry, founder of NudgeSpot and a co-founder of fashion and lifestyle portal Myntra.

“Today, The Better India has more than 100 writers contributing from all over India, a highly engaged community on Facebook and Twitter, and over 500,000 visitors on its website every month. The company is disrupting news reading behaviour, and very smartly leveraging media and technology to monetize this in different ways," said Sastry.

Co-founder Dhimant Parekh, an Indian School of Business graduate and serial entrepreneur, added, “We are seeing excellent traction for our content from readers across India, US, UK, Singapore and the Middle East. We are quickly scaling up traffic, plan to raise our next round of funding in 12 months, and look forward to creating a long-term strategic partnership with a large media or publishing house."

Intellecap has taken an equity stake in The Better India in lieu of its fee. Sohil Shah, one of Intellecap’s employees, has also independently contributed to the investment funding.

“This investment helps us demonstrate our skin in the game with the angels and management team. It also adds a kicker to the conventional advisory business model. We have built a good track record with 10 investments in I3N, and might consider raising a startup fund soon," said Aditi Shrivastava, head of I3N.

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