Lifestyle content and discovery platform, NearFox raised an undisclosed amount from Investors
Helping businesses move from paper based leaflets to online promotions, NearFox raised an undisclosed funds from 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. The funding was done at a valuation of INR 12.5 crores.
Headquartered in Mumbai, this startup plans to use these funds for growing in terms of human resources and geographies. Till date they have tried to keep their operating costs bare minimum 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.
When asked about why New York of all the places, Kiran told IndianCEO, “America is one of the most visited countries, and New York is one of the popular destinations. Our product is designed to showcase such a city. Within 3 months we will provide all information of this place to our customers”
They claim to get 2.5 lakh website traffic per month through organic channels over the last six months.
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.
Read more startup funding news