Lee Fixel's Addition makes first India deal, leads $35 million round in InShorts
The news aggregator plans to use the funds for its location-based social media app Public that was launched in April 2019.
September 30, 2020 / 02:07 PM IST
Lee Fixel, one of the earliest large investors in the Indian startup space, is back. Fixel, who left Tiger Global Management in 2019 to set up Addition, a $1.2-billion fund, has led a $35 million round in InShorts, best known for its news aggregation app, along with Tanglin Venture Partners and SIG Global.
Fixel had first invested in InShorts via Tiger when the fund led a $4-million round in 2015. Tiger also invested in later rounds.
The company plans to use the funds for its location-based social media app Public, which it launched in April 2019.
Public App is a social network for everything local— from local updates and happenings to local commerce, jobs, classifieds and more.
While political leaders, government authorities, media houses and citizen-journalists use the app to connect with communities and disseminate verified video content, local businesses like shops, astrologers, doctors and lawyers use the platform to reach out to the local consumers, the company said.
“With more than 50 million active users and over 1 million videos being created every month on the app, Public aims to connect the local communities of Bharat and become the one-stop solution for all their local needs,” Azhar Iqubal, founder and CEO of Public and InShorts, said in a statement.
This is Addition's first investment in India. After he left Tiger, Fixel invested in his personal capacity in a few Indian startups such as software firm Ally and Neobank Jupiter.