ScoopWhoop raises $4 million from Kalaari Capital
The funds will be used for the expansion of ScoopWhoop’s video production unit ScoopWhoop talkies
Bengaluru: Internet media and news start-up ScoopWhoop Media Pvt. Ltd raised $4 million from Kalaari Capital, the company said on Wednesday. The funds will be used to fund the expansion of ScoopWhoop talkies, its video production unit.
The company, which was launched in 2013 and focuses on young audience in India, raised $1.5 million in September 2014 from Ignite World, earlier known as Bharti Softbank. The India-focused entertainment outlet had sold 36.5% stake in November 2014 to Bharti SoftBank (BSB), a joint venture between Bharti Enterprises and Softbank Corp., a telecommunications giant based in Japan. Their initial source of funding was led by Gravy Partner led by WebChutney’s Siddarth Rao.
The company said that it plans to invest in hiring editorial resources across beats for different publications and also aims to set up a sales and native content team. ScoopWhoop said that it clocks around 20 million unique visitors, 70 million page views, 30 million social engagements and over 10 million video views per month.
“In the last 12 months we have grown almost 300%. We’ve managed to put a great team together, across portals, that drives almost 20 million unique visitors monthly. And with this funding, we look forward to being the number 1 digital media company in India by 2017,” Sattvik Mishra, chief executive officer (CEO), ScoopWhoop, said in a statement.
Online news and media portals have attracted investor attention given the rise in the consumption of online content. Earlier this month, POPxo (Luxeva India Pvt. Ltd ), a digital media publication on women’s fashion, beauty and lifestyle, raised $2 million in funding led by IDG Ventures, Kalaari Capital and 500 start-ups to expand its editorial operations in English and Hindi and scaling up video productions.
YKA Media Pvt. Ltd, which runs online media platform YouthKiAwaaz, raised Rs.4 crore (approximately $600,000) from former CNBC TV18 chief Raghav Bahl and Ritu Kapur-led Quintillion Media.
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