Popular news app Inshorts, which provide 60-word news summary to users has made its first acquisition in the form of Bengaluru-based startup BetaGlide. Betaglide develops technology for optimizing mobile applications and its main product Retention.ai, helps in analysing user behaviour, for example, tracking uninstalled users and finding reasons of uninstallation.
The acquisition will be helpful in improving the mobile experience for customers,
said Azhar Iqbal, cofounder of Inshorts.
With 1 million downloads and 4.5 rating from nearly 85000 users on Play Store, Inshorts has carved out its own niche in a short time among many news aggregator apps. This is due to its crisp and summarised news content which has become incredibly popular among youngsters.
The 60-word news summary in the Inshorts app is written by a team of its in-house of editors, who pick up and curate stories from multiple news sources across the web. These stories include a link out to a story with further information while readers can opt in for push notifications.
The company was started in September 2014 by Azhar Iqbal and Anunay Pandey and was formerly known as News In Shorts before it got rebranded to Inshorts in July this year. It was a part of the fourth batch of Times Internet’s accelerator TLabs in 2013 and raised $4 million in seed funding from Tiger Global with participation of Japan-based Rebright Partners and Sachin Bansal and Binny Bansal of Flipkart.
It has so far raised $24 million in funding primarily from Tiger Global with the latest $20 million Series B round happening in July this year.
News in Shorts is speculated to be valued anywhere between $90 Million – $100 Million which in itself is a remarkable feat given the fact that it has just been a year of its operations.
However, Inshorts has no plans for monetization in the near future, thus indicating how investors might be willing to further support growth and not look for revenue as of now. It will make money through sponsored content and native advertising.