Bengaluru: YourStory Media Pvt. Ltd has raised $6 million in a new round of funding led by UC-RNT Fund, Kalaari Capital, 3one4 Capital and Qualcomm Ventures, the online media start-up’s founder Shradha Sharma said in a statement.
With the fresh round of funding, the company is targeting revenues of $4 million for FY2017-18.
“Six months into the financial year, we are close to the halfway mark and confident that we will achieve our goals," Sharma said.
The funding comes after it launched YourStory in Germany in August, its first expansion outside India. The company partnered with Maren Lesche, a communication and start-up expert based in Germany for the launch.
The online media firm, which focuses on start-up coverage, had earlier raised an undisclosed amount in a Series A round in 2015. Series A was led by Kalaari Capital with participation from existing investor Qualcomm, T.V. Mohandas Pai and Ratan Tata. Following this, the media company acquired Papyrus Editor, an e-book editing and publishing platform.
YourStory was founded by Sharma in 2008. It runs the start-up reporting portal YourStory.com, and has verticals including SocialStory, HerStory, and YourStory Research. It also makes money from two standalone events including MobileSparks and TechSparks.
The company publishes original video and text content in various Indian languages.
YourStory’s competitors are a mix of news aggregators like DailyHunt, InShorts and original content publisher like Inc42, Nextbigwhat and Newscorp-backed VCCircle, among others. Some of the recent entrants in the space include tech focused publisher FactorDaily and subscription-based online media portal The Ken.
FactorDaily raised $1 million from Blume Ventures, Accel Partners and Paytm’s Vijay Shekhar Sharma in 2016, while The Ken raised $400,000 from individual investors like Girish Mathrubhootham and Mahesh Murthy among others in February.
Although there has been several start-up and tech reporting portals like YourStory, very few choose to raise funds, while the rest depend on advertising and events to grow revenue.