Factordaily, a news and media startup based in Bangalore has raised Rs76 Lakhs from present investors Vijay Shekhar Sharma and Girish Mathrubootham in an extension of Series A round. Factordaily initially allocated 1,714 Series A1 preference shares worth Rs10 per share and a premium of Rs4438.18 a share on March 2nd 2018.
Additional capital is currently being raised from Series A existing investors, Accel Partners and Blume Ventures. Moreover, Jayaprakash Vijayan is also joining the investors’ board according to official filings.
FactorDaily is a startup news and media website founded in 2015 after first publishing stories through Facebook, LinkedIn and Medium. The two founders of the company are Pankaj Mishra who operates as CEO and Editor in Chief and Jayadevan PK who operates as managing editor. The team behind FactorDaily aims at covering four sectors namely influential tech companies, exploring how the rural areas are affected by technology, lifestyle and gadgets and future disruption.
FactorDaily’s investor and Paytm‘s founder Vijay Shekhar Sharma also invested large sums of money in two other media startups, namely The Ken and The Print. These investments in competing platforms is very strange especially since The Ken publishes similar articles on their platform and recently raised over Rs1.47 Cr funding from a set of HNIs and seemingly bagged a bigger amount than FactorDaily.
The Print is also another media publication launched by Indian journalist Shekhar Gupta publishing news, analysis, opinion and knowledge venture which focuses on politics and policy, government and governance and recently raised a Rs3.49 Cr funding from Rajan Tata.
FactorDaily tries to reach individuals from urban background between the age of 20-22 years old to mid-career executives and entrepreneurs under 30. The company tries to resemble The Verge, Wired and the Vox Media Group when delivering products and use the same business plan.