Hyperlocal news platform Way2News has raised $14 million (Rs 117 crore) in a Series B funding round led by existing private equity investor WestBridge Capital.
Another existing investor, venture capitalist Sashi Reddi, also participated in the new round, the company said Tuesday.
Way2News has a strong presence in Andhra Pradesh, Telangana, and Tamil Nadu. The company plans to use the funds to scale its operations, enhance its technology infrastructure, and bolster its presence in South Indian, it said in a release.
The new funds will also be deployed to enhance the platform’s capabilities, aiming to boost user experience and engagement in new markets while cementing its leadership in the South Indian news ecosystem, it added.
The fresh infusion of capital follows the company’s Series A round two years ago. At that time, the company had raised Rs 130 crore from WestBridge Capital and Reddi.
Founded in 2015 by Raju Vanapala, Way2News provides relevant hyperlocal news in the form of short, engaging news stories from trusted sources in local languages. It claims to have over 50 million app downloads.
“This investment is a step towards expanding our footprint into every household in South India, ensuring that all citizens can access timely and relevant news in their language. We focus on building an inclusive, dynamic, and engaging news experience for every Indian. With this funding, we aim to scale our platform further, bringing more communities into the fold,” said Vanapala, founder and chief executive officer of Way2News.
Rishit Desai, partner at WestBridge, said that Way2News has made “remarkable strides” in democratizing access to local news across South India over the last few years, effectively addressing a crucial gap in the market.
“We look forward to continuing our support for their vision to become the go-to platform for news, and we believe their unique approach will enable them to make significant inroads down south,” Desai said.
