Planet GoGo raised seed funding from HT Media, NBM
Planet GoGo will utilize the funds in growing its user base
New Delhi: Planet GoGo Pvt. Ltd, which operates news aggregation website Planet Gogo, has raised an undisclosed amount in a seed round from HT Media Ltd through its subsidiary HT Digital Media Holdings Ltd and US-based investment firm North Base Media (NBM).
The fund will be used in growing its user base, Damandeep Singh Soni, co-founder of Planet GoGo, said on Friday.
The three-month-old company aggregates news and entertainment content from over 60 partner publishing sites including HT Media and displays them on the lock screen of mobile phones.
Once a user reads the content or even unlocks his handset, he is rewarded with free talk time on his mobile phone. Planet Gogo has partnered with all the telecom operators in the country, including Airtel and Vodafone, to facilitate this.
“With the ever increasing number of smartphone users, GoGo focuses to revolutionize content consumption for mobile users without having them to spend for it. A large part of the population today rely on apps for everyday content needs and GoGo provides users with curated quality content on the go,” said Rajat Gupta, co-founder, Gogo.
The company was launched in September while its app was launched in November. It makes money by publishing advertisements on its platform. It declined to talk about its clients.
The platform publishes over 150 articles daily from across 14 categories such as technology, food, Bollywood, fashion, sports, news and life, start-ups, automobile and travel.
While the content on the site is available in English, the company plans to introduce vernacular languages in the next three months, beginning with Hindi.
“GoGo is focussing on an enormous market opportunity. Its vision of delivering relevant content to large audiences in a high-impact setting makes incredible sense,” said Marcus Brauchli, managing partner of NBM. NBM largely focuses on media and media technology companies for investments.
In May, NBM and HT Media, publisher of the Hindustan Times and Mint, announced the launch of Mediahack.in, an accelerator programme to fund and promote digital media and technology companies.
The aim was to identify and support entrepreneurs who want to build leading-edge original content, entertainment and advertising-related technology businesses in India.
This funding has come from the same vehicle.
The digital media sector has seen almost 180 start-ups by now, according to data from start-up tracker Tracxn. The funding received in 2015 so far amounts to $73 million.
The News Minute, a news web site run by Spunklane Media Pvt. Ltd that focuses on curating news and content from southern India, announced it raised money from Quintillion Media Pvt. Ltd, which runs the mobile-first news site thequint.com, last week.
Some of the other start-ups that have been funded recently include NewsInShorts ($24 million in 2015), PopXO ($2 million) and ScoopWhoop ($4 million).
Editor's Picks »
- Future Retail’s Q2 result shows improvement in same-store sales
- Private insurance firms grow at the expense of LIC stuck with a sick bank
- Page Industries’s lofty valuations get a reality check in Q2
- Q2 results: Grasim’s Vodafone Idea stake is proving costly
- How Vodafone Idea’s $3.5 bn fundraising will impact telecom in India