NewsDog, an Indian news aggregation and personal recommendation mobile app operator, has completed a US$50 million series C round led by Chinese tech giant Tencent Holdings Ltd.
Chinese investment firms Danhua Capital, Legend Capital, and DotC United Group also participated in the round.
Founded by two Chinese entrepreneurs, NewsDog is sometimes called India’s Toutiao. It utilizes machine learning technology to provide personalized news recommendations to users. It currently has 50 million users in India and supports 10 local languages in India.
At the same time, NewsDog also operates its own WeMedia platform, allowing content creators to contribute content to its news aggregation platform. NewsDog says it currently has over 30,000 content creators who contribute to the platform regularly.
What’s interesting is that with NewsDog’s latest funding round, Indian’s top digital news and content platforms are now all backed by Chinese tech companies.
Dailyhunt, an Indian news aggregation app, is backed by Alibaba’s UC News and Toutiao. Last year, Toutiao also acquired News Republic, another Indian news aggregation app.
Chen Yukun, founder of NewsDog and a Tsinghua University graduate, says that "India’s digital content industry is in a nascent stage…we believe strong machine learning capabilities will become the key in expanding India’s content platforms."
"NewsDog combines its technology with rich entertainment content, providing personalized experience for Indian users," said Forest Lin, a managing partner of Tencent Investment. "We hope to see NewsDog become the most popular online content platform in India."
NewsDog says it will use the latest proceeds to support more content contributors and creators, and improve its content platform.
Ma Wei, co-founder of NewsDog and a graduate of Princeton University, said that NewsDog will use the latest proceeds to support more content contributors and creators, and improve its technology and content platform.
NewsDog currently has two offices in Indian in Poona and Gurgaon, and plans to open more offices in India in the future.