POPxo raises $2 million in funding
The fresh round will be used for expansion of editorial operations in English and Hindi, launching of new verticals and scaling up of video production, among other initiatives
Bengaluru: 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 startups.
The fresh round will be used for expansion of editorial operations in English and Hindi, launching of new verticals and scaling up of video production, among other initiatives, the company said in a statement.
The company raised Rs.3 crore in November last year from individual investors including Google India head Rajan Anandan and Mithun Sacheti of Caratlane.com via the Chennai Angels Network. Launched in March 2014 by Priyanka Gill and Namrata Bostrom, the platform aimed mostly at women, attracts around 3 million readers every month, POPxo said.
“We have expanded rapidly, adding a Hindi site, producing our own videos, releasing our mobile app, and massively expanding our social following across Facebook, Instagram, Snapchat and all the platforms our audience cares about. This fundraising will enable us to continue our rapid growth and deliver on the faith our audience, our brand partners and our investors have shown in us,” Priyanka Gill, founder of POPxo said.
Digital media platforms have seen some investor interest in recent times. YKA Media Pvt Ltd that runs YouthKiAwaaz raised Rs.4 crore from former CNBC TV18 founder Raghav Bahl and Ritu Kapur led Quintillion Media (which publishes The Quint).
Bostrom said that over the next two years the company will develop technology to help create a stronger reader base. POPxo has partnered with brands like Nike, Whisper, Tanishq, Motorola, TrulyMadly, Lakmé and Chumbak among others for native advertising and generating high levels of customer engagement.
“Women are going to be a decisive factor when it comes to India’s Internet growth story. The evolution of digital content targeted specifically at the modern Indian woman is both essential and full of potential,” Vani Kola, managing director of Kalaari Capital, said in a statement.
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