KidzByte MediaTech Pvt. Ltd, a Mumbai-based news aggregator for children, said it has raised Rs 2 crore ($290,000 at current exchange rate) in seed investment from entrepreneur Pranay Goyal.
Key investor Pranay Goyal is the managing director of The Goyal Group and of group companies Wedevelopment, Dive – Bar & Eatery, as well as director at Prysmato Operational Intelligence.
KidzByte was founded in 2018 by marketing and communication professionals Chetan D’Souza and Swagat Salunke. According to a statement by the firm, KidzByte aims to empower children, teens, parents and educators by providing unbiased and trustworthy information, innovative tools and an independent voice to harness the power of media and technology.
It's a huge challenge for the news business to appeal to younger audiences, the statement said.
“Kids would love to know what’s happening around the world, but adult news channels and sites can sometimes be intimidating, overwhelming or even boring for children,” said D’Souza.
The company claims that KidzByte app, which is available on Google Play Store, has already seen over 20,000 downloads. According to the firm, the app is updated with daily news from around the globe, across a number of categories like India and world, career and education, science and discovery, weird and wacky, and more. It also comprises features like animated videos in a newsroom set-up, read-to-me audio functionality, in-built dictionary and quizzes.
“KidzByte app provides curated and bite-sized news and content to help children become well-informed and responsible citizens of tomorrow, and develop the habit of reading and improve language skills,” D'Souza added.
Recent deals in the space
March 2019: Bengaluru-based news aggregator Dailyhunt was in talks to raise $173 million in a fresh round from New York-based investment bank Goldman Sachs's hedge fund.
September 2018: Media startup NewsBytes raised $1 million in a pre-Series A round led by German publishing firm Mueller Medien's investment arm MM Inno GmbH.
July 2018: News portal The Ken raised Series A funding led by social-impact investor Omidyar Network.