Funding

NearFox Raises Funds From Clutch of Investors, Sets Sights on New York

August 26, 2016March 27, 2018 Geekopedia 0 Comment Chaupaati Bazaar, CoverFox, Craftsvilla, Funding, Globevestor, IIT, IIT Bombay, Indian Startups, NearFox, Social Network, Ventureast

NearFox, a local lifestyle content and discovery platform headquartered in Mumbai, has recently raised an undisclosed amount from Globevestor Angel Fund, CoverFox CTO Devendra Rane, GenY Medium Co-founder and Ex-Principal of Ventureast Ravi Jain and Craftsvilla Product VP Arpan Nagdeve, among others.

The company will use the proceeds mainly for expanding the team and launching in more geographies. So far, it has been able to keep operational costs low 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.

Following 6-fold growth in website traffic over the last six months, NearFox currently gets 2.5 lakh visits per month. The company claims it’s completely organic, without any marketing spend.

Ankur Shrivastava, Co-founder at Globevestor, said: “A huge untapped opportunity exists in the localization and personalization of content, especially on local news and discovery. NearFox aims to be at the forefront of this and has assembled an ‘A team’ very quickly. We’ve known them for a long time as the go-to people for content marketing and growth hacking, and they’re easily the best team to deliver on this vision.”

Kiran, a 2004 IIT-Bombay graduate, is a serial entrepreneur and founder of Organic Facts, a website on health and nutrition with a monthly traffic of 3 million. Formerly, he was head of sales at Chaupaati Bazaar, a startup acquired by Future Group in 2010. Pritesh, a 2014 IIT-Bombay graduate, was earlier working with JPMorgan Chase before the duo got together.

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