Online Media platform Pixr8 News has raised Rs 2.5 million in a seed round of funding from an unnamed angel investor. The digital media company plans to deploy the newly raised funds in expanding its customer base, acquiring readership and hiring new talent.
Mr Nitish Singh, CEO and Founder of Pixr8 News said, “We feel lucky to have raised seed funding at such a crucial juncture. We now aim to use the latest funding for company expansion in India and Internationally.”
While talking about the future strategy and Pixr8’s USP in the sector, he further added, “Unlike traditional players in our industry, our tech-driven approach to publishing has been key to our growth during such challenging times in digital media. We are clearly focussed at the intersection of platforms, publishers and communities. The new funding enables us to leverage this differentiated approach to efficiently scale into new markets like middle-east, USA etc.”
Founded in 2014 by Nitish Singh, Pixr8 News is a platform for businesses, startups and SMEs. Currently having its offices in Lucknow and Delhi, the company further plans to use the latest funding for expansion in India and internationally.
Indian media and entertainment industry
The digital media industry is growing at an impressive rate in India. According to the latest report by CII-BCG, the Indian media and entertainment industry would nearly double in size by 2022, clocking 11-12 per cent CAGR between 2016 and 2022. The industry would also be able to generate direct and indirect employment of 4 million people in the next four to five years.
Hence, in such a booming scenario with expansion on its cards, Pixr8 Media was looking for the right push and the latest investment might be just the go-ahead for the platform to outshine in the dynamic media industry.
Recent Investment in this space
In the recent past, there have been several deals in this space. Most recently, New Delhi-based India Sports Flashes had raised $1 million in a pre-Series A funding round from SRI Capital.
In May, the Hindi and vernacular news app NewsDog received $50 million in a Series C round led Tencent Holdings. Besides, the Bangalore based subscription-based news startup The-Ken raised around $228,000 in its second round of funding.
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