Local lifestyle content and discovery platform NearFox has raised an undisclosed amount from angel investors.
The company, which has raised the amount 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, will use the proceeds for expanding the team and launching in more geographies, it said in a statement.
"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 local lifestyle segment," company's co-founder Kiran Patil said.
The startup is operational in Delhi, Bengaluru and Mumbai, and plans to launch in New York next.
It aims to be live in 10 cities by mid-2017, and launch in 200 cities globally over three years through expansion, led by an extensive blogger network and focus on user-generated content, it said.
Founded by IIT-Bombay graduates Kiran Patil and Pritesh Mittal in 2015, NearFox curates the top food, shopping, beauty, fashion, fitness, entertainment and local travel in cities. It currently gets 2.5 lakh visits per month.
The company claims it is completely organic, without any marketing spend, and it has been able to keep operational costs low through efficient use of technology, digital media and user-generated content.
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