Started in 2015, NewsBytes is a brainchild of Sumedh Choudhary, Romesh Khaddar and Shikha Choudhary. This Gurugram-based startup has initiated its Series A round funding. This was led by North Base Media, content and information centric Venture Capital. NewByte is told to have raised Rs. 3.9 crore with North Base Media. They are investing 3.75 crores for 10 equity shares and 1,154 Series A Compulsorily convertible preference shares (CCPS). The Venture Capital firm will hold 6.23% shares in the company after the allotment. Another investment firm, Indian Dream Capital would be joining the round as well with Rs. 15 lakh and to increase its stake to 0.25% after the investment.
NewsBytes had received a backing of $1 million in its pre series A funding led by MM Ino GmbH, investment arm of German Publishing company Muller Medien. The startup focuses on concise and contextual news across all categories. The investing company, North Base Media invests in media-tech and data analytics (content and advertising), e-commerce and content monetization firms. This is the company’s second investment in India after original text and video content company, Pocket Aces in December 2016.
NewsBytes seems to be expanding its business by altering the article of association to venture into Software consultancy. It also plans to develop and distribute several multiple software. Investors like Indian Dream Capital, Fin Services, Pravinbhai Shah & family and Puneet Dhaliwal invested in company during last fiscal year and are said to benefit from this deal. According to sources, company now values at Rs 56 Crore and after this investment. NewsByte has strong competitors like Inshorts and DailyHunt. The fast-paced world appreciates less time consuming functions and that’s exactly what NewsByte caters to.