According to the cited media, with this round of funding, Omidyar Network is the majority shareholder in the company with 18.40% equity share, whereas, the founding members have reduced their stakes in the website to 17.25% each. Mahesh Murthy, Abhijit Bhandari, and Shashank Bhagat have 1% in the company.
Newslaundry was started in 2012 by the founding editor of India Today, Madhu Purie Trehan, along with three other colleagues and industry veterans, Abhinandan Sekhri, Prashant Sareen and Roopak Kapoor.
The site was launched as a media critique website that focuses on scrutinizing the mainstream media in India. It provides researched and balanced critique content in alternative content formats, such as cartoons, comics, and video. It also provides a platform access to other investigative and data-based news organizations. Besides, the website also has a podcast called Hafta, which focuses on current affairs in India.
Newslaundry hasn’t disclosed how the funding amount will be used but it aims to set benchmarks for ethical journalism across the Indian media landscape.
Omidyar Network has also invested in digital daily Scroll.in. With online digital platforms gaining momentum, there are various players that have grabbed tractions from investors. This year, startup-focused digital media content platform Inc42 raised funds from a clutch of investors. Also, last year, various digital content platforms raised funding. That includes The News Minute (TNM), YourStory, ScoopWhoop Media, InShorts, (earlier News in Shorts), among others.
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