Continuing with flurry of investments which began last year’s last quarter, into digital media space, FactorDaily — a new-age platform which aims to become a synonym to Wired or The Verge in India, has scored $1 Million in a fresh round.
FactorDaily has largely been a ‘stealth-mode’ digital media platform for some time, with its founders posting content on other reputed publications. The founding team comprises of ex-TechCrunch reporter Pankaj Mishra(Founder/CEO) and former Economic Times reporter Jayadevan PK(managing director). The media company initially used to share its posts on publishing platforms like Facebook, Medium and LinkedIn.
FactorDaily has now launched a dedicated website and built a core team of ten around them, who they believe are upto the task of transforming the publication into a new-age digital platform in India. The core team also comprises of CTO Titash Neogi and consulting editor Josey John(ex-Business Today) to help streamline the setup process.
In a telephonic conversation with TechCrunch, Mishra laid out his goal and vision for starting FactorDaily. He’s confident that with his experience and leadership skills, they could build FactorDaily into India’s very own The Verge or Wired, a really scalable digital media company.
Mishra’s focus is to split the publication into four core working areas : covering India’s most influential tech companies, exploring how technology is affecting the modern life, gadgets and lifestyle.
Technology is beginning to go mainstream in India, changing the way people are living and doing business. It’s both disruptive and transformative. Indians are so hungry [and are] applying technology to how they live, this shift is happening. As storytellers, we think there is a great opportunity if we can ride this wave and capture the story of tech’s intersection with life.
Mishra also adds that they will continue to post on other publication platforms, because they want to stay true to the following that they have amassed on those platforms. The website is a companion for the original publication platform, where immersive long-form content will be featured. The publication is also in the process of launching a Facebook Messenger chatbot very soon. The chatbot will also help FactorDaily pull-in money by handling micro-transactions on the platform.
The publication isn’t worried about monetisation at the moment, as the funds they have received will help them survive for about two years, says Mishra. FactorDaily has usurped an initial sum of $1 million led by Accel with Blume Ventures and Paytm founder Vijay Shekhar Sharma.The task at hand is to build a brand and gain traction using their quality storytelling skills, while the team explores other ways to monetize the content.
It’ll be interesting to see though, as to how does FactorDaily brings in long-form content into mainstream in India. While FactorDaily might not necessarily face competition in the long-form domain, it for sure will, face the same in the overall tech reporting space. For a long time, it has been India’s leading dailies doing the tech reporting — in forms which are no match to western digital media houses. But then ofcourse you have smaller but growing peeps like us, trying to take the mantle and bring up a global digital media brand out of India.
FactorDaily is exploring options like branded content to start encashing on its brand name, and has already hired writers to explore the same. Mishra also boasts about traction from other media partners – both in India and overseas to collaborate and syndicate content. But, the founder is staying cool and is not ready to sell the brand image when they have just started out and made bold comments about becoming ‘India’s Wired’.