25 August 2016, India :
NearFox, a local lifestyle content and discovery platform headquartered in Mumbai, has recently raised an undisclosed amount of funding.
Globevestor Angel Fund, CoverFox CTO Devendra Rane, GenY Medium Co-founder and Ex-Principal of Ventureast Ravi Jain and Craftsvilla Products VP Arpan Nagdeve among others invested in the firm.
The company will use the proceeds mainly for expanding the team and launching in more geographies. So far, it has been able to keep operational costs low through efficient use of technology, digital media and user-generated content.
Founded by Kiran Patil and Pritesh Mittal, both IIT-Bombay graduates, in 2015, NearFox brings to users the best in the city in food, shopping, beauty, fashion, fitness, entertainment and local travel. The startup is currently operational in Delhi, Bangalore and Mumbai, and plans to launch in New York next.
“While users are looking for what’s happening in the city, businesses are going to the extent of distributing pamphlets with the morning paper to reach out to them. NearFox aims to solve this massive information asymmetry that exists in the local lifestyle segment,” said Kiran.
Ankur Shrivastava, Co-founder at Globevestor, said: “A huge untapped opportunity exists in the localization and personalization of content, especially on local news and discovery. NearFox aims to be at the forefront of this and has assembled an ‘A team’ very quickly. We’ve known them for a long time as the go-to people for content marketing and growth hacking, and they’re easily the best team to deliver on this vision.”
NearFox plans to be live in 10 cities by mid-2017, and aims to launch in 200 cities globally over three years, through expansion led by an extensive blogger network and sharp focus on user-generated content.
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