Instamedia (formerly Instablogs) can now surely be termed as one of the more successful startups to come out of India. We had heard a rumor last week that Instablogs had closed funding with Times Group, but did not have much details about it then.
The rumor seems to be bang on – Today Instamedia has announced that they have closed $4 Million Series A investment from The Times of India Group. Instamedia had also received seed funding from Vishal Gondal, Sweat and Blood Venture Group in early 2008.
This strategic investment from Times group will facilitate growth company’s network of writers and accelerate its technology platform development.
Full Press Release
Instamedia closes $4 Million Series A investment from The Times of India Group
Shimla, India (7th September, 2010) – Instamedia (formerly Instablogs Network), the web’s leading content network and creator of Software as a Service (SaaS) based content platform, Instapress, announced today that it has secured $4 Million in Series A funding from Times Internet Limited, a subsidiary of The Times of India Group. It comes after a year of considerable growth in audience, technology, and revenue. The proceeds of the strategic investment will help grow the company’s network of writers and accelerate its technology platform development. The company also plans to launch local sites, targeting the European and US audiences, which already today drive over 60% of their traffic.
Instamedia has been at the forefront of the new media revolution by constantly evolving to match today’s substantial shift in content creation. The network runs some of the fastest growing Internet sites in verticals like lifestyle, green living and technology. In addition, its popular citizen journalism platform Instablogs has over 4 million monthly unique visitors. Together, these fifteen sites drive an affluent and passionate community and offer advertisers a great way to connect with their audience.
The in-house proprietary platform Instapress, which drives accountable and measured return on its content without compromising quality, has been one of the key drivers of its growth. Instapress implements efficient workflows to streamline collaboration between various content contributors, with objective measurement tools to track effectiveness.
The company is also launching its fully hosted content solution, called Instapress Content Server (ICS), which will allow other media networks to use the technology to drive greater ROI and performance from existing content production teams. Instapress currently powers a few popular sites of one of the India’s top media & entertainment companies.
“We are excited at the opportunity to help new, emerging media companies develop their businesses and grow the space. The entire Instamedia team has amazed us with their drive, creativity, and clarity, and we are confident that they will continue to create a large presence in the digital content ecosystem globally,” said Satyan Gajwani, Director of Business Development, Times of India Group.
“The Times Group will be a great long-term, strategic partner. They understand this space very well and bring a lot of experience and expertise to the table. We are also honored to have Satyan Gajwani join our Board of Directors. It will be a challenge for us to meet his energy and passion,” said Ankit Maheshwari, CEO and co-founder of Instamedia network.
Instamedia has recently opened its second office in Noida, a suburb of New Delhi, as they scale up operations.
We will be interviewing Ankit Maheshwari (CEO, Instamedia) to get further insights on this deal.