News summarisation app Awesummly raises $146K

Bengaluru-based NitroLabs Technology Pvt Ltd, the company which runs and operates news summarisation app Awesummly, has raised $146K (Rs 1 crore) in funding from Vivek Bhargava, chief executive, iProspect, a digital performance marketing agency, and Ameera Shah, promoter and managing director of Metropolis Healthcare, a chain of diagnostic centers.

The company had received investment offers from Mohit Goel, chief executive, Omaxe Group as well as investor duo Bhargava and Shah but after negotiations the company picked the latter offer, as per a media statement on Tuesday.

The startup raised the funding during a recent episode of The Vault, a reality show for aspiring entrepreneurs to mobilise funds.

"As the show becomes an enabler of dreams for entrepreneurs hailing from all parts of the country, we expect more and more promising business ventures to take-off onto their successful commercial journey through this platform," said Jatin Goel, creator, The Vault.

The company was founded in July 2015 by Deepak Mishra, Ankit Dhawan and Nitin Mishra. Awesummly is a machine-intelligence powered short news app which provides personalised news summary in 60 words in both English and Hindi. The app comes with features like night mode, offline reading, among others.

In October, Bengaluru-based Ambee, which makes a gadget to protect against air pollution, and New Delhi-based snacks and dessert delivery company Foodebaba had secured investments from Omaxe's Goel and iProspect's Bhargava, respectively, during the previous episodes of The Vault.

During the last episode, New Delhi-based Corseco Technologies Pvt. Ltd, the company which runs and operates Corseco, which provides AI-based Software-as-a-Service (SaaS) solutions to other businesses had raised Rs 1 crore in funding from Shah and Bhargava, for an 8% equity stake.

Reality show The Vault is aimed at aspiring entrepreneurs who are given an opportunity to pitch their business ideas to a set of six investors on TV and seeking funding for their startups. Fifty most innovative business propositions have got a chance to raise fund through The Vault.